Jacobi Capital Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Jacobi Capital Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 52.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 638 shares of the semiconductor manufacturer’s stock after acquiring an additional 220 shares during the quarter. Jacobi Capital Management LLC’s holdings in Broadcom were worth $402,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new stake in Broadcom in the 1st quarter worth about $26,000. Ahrens Investment Partners LLC grew its holdings in Broadcom by 125.0% during the 1st quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 25 shares in the last quarter. West Bancorporation Inc. purchased a new position in Broadcom during the 4th quarter valued at about $29,000. Semmax Financial Advisors Inc. grew its holdings in Broadcom by 300.0% during the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 33 shares in the last quarter. Finally, Hoey Investments Inc. purchased a new position in Broadcom during the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $551.44 on Friday. The business has a 50 day moving average of $518.75 and a 200 day moving average of $561.25. The company has a market capitalization of $222.68 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a 1-year low of $462.66 and a 1-year high of $677.76. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.14 and a quick ratio of 1.90.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.51. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The firm had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $7.91 billion. During the same quarter in the previous year, the company posted $5.89 earnings per share. The business’s revenue was up 22.6% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were given a $4.10 dividend. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 2.97%. Broadcom’s payout ratio is currently 81.31%.

Analysts Set New Price Targets

A number of research analysts have weighed in on AVGO shares. Mizuho lifted their target price on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Piper Sandler reaffirmed a “buy” rating and set a $750.00 target price on shares of Broadcom in a report on Tuesday, May 24th. Truist Financial lifted their target price on Broadcom to $658.00 in a report on Friday, May 27th. KeyCorp lifted their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, May 27th. Finally, Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $680.46.

Broadcom Company Profile

(Get Rating)

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.