Arkadios Wealth Advisors Acquires 412 Shares of Broadcom Inc. (NASDAQ:AVGO)

Arkadios Wealth Advisors lifted its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 13.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,369 shares of the semiconductor manufacturer’s stock after purchasing an additional 412 shares during the period. Arkadios Wealth Advisors’ holdings in Broadcom were worth $1,637,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Modera Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth about $407,000. Sara Bay Financial increased its stake in shares of Broadcom by 36.5% in the first quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock worth $365,000 after purchasing an additional 155 shares during the period. Chicago Partners Investment Group LLC increased its stake in shares of Broadcom by 5.7% in the first quarter. Chicago Partners Investment Group LLC now owns 666 shares of the semiconductor manufacturer’s stock worth $380,000 after purchasing an additional 36 shares during the period. Coastal Investment Advisors Inc. grew its position in Broadcom by 34.3% during the first quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock worth $862,000 after buying an additional 350 shares in the last quarter. Finally, L.M. Kohn & Company acquired a new stake in Broadcom during the first quarter worth about $231,000. 79.60% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. Mizuho lifted their target price on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Deutsche Bank Aktiengesellschaft decreased their target price on Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. BMO Capital Markets decreased their target price on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. Susquehanna reaffirmed a “buy” rating and set a $680.00 price objective on shares of Broadcom in a report on Friday, September 2nd. Finally, Bank of America decreased their price objective on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $675.33.

Broadcom Stock Performance

AVGO stock opened at $477.61 on Friday. The company has a debt-to-equity ratio of 1.88, a current ratio of 2.32 and a quick ratio of 2.05. The company has a 50 day moving average price of $521.51 and a 200 day moving average price of $547.95. Broadcom Inc. has a fifty-two week low of $463.91 and a fifty-two week high of $677.76. The stock has a market capitalization of $193.43 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09.

Broadcom (NASDAQ:AVGOGet Rating) last issued its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, beating the consensus estimate of $8.84 by $0.23. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.32 EPS. Analysts forecast that Broadcom Inc. will post 34.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Wednesday, September 21st. Broadcom’s payout ratio is 70.93%.

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

Broadcom Company Profile

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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