Broadcom Inc. (NASDAQ:AVGO) Position Lessened by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 40,396 shares of the semiconductor manufacturer’s stock after selling 1,111 shares during the period. Broadcom comprises approximately 1.5% of Elo Mutual Pension Insurance Co’s holdings, making the stock its 10th biggest holding. Elo Mutual Pension Insurance Co’s holdings in Broadcom were worth $64,857,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Lion Street Advisors LLC grew its position in Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after buying an additional 6 shares in the last quarter. Tucker Asset Management LLC grew its holdings in shares of Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock worth $80,000 after purchasing an additional 8 shares in the last quarter. Buckley Wealth Management LLC boosted its stake in Broadcom by 0.7% during the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock worth $1,529,000 after buying an additional 8 shares in the last quarter. Legend Financial Advisors Inc. grew its position in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC boosted its stake in shares of Broadcom by 0.3% in the 1st quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research analyst reports. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein boosted their price target on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. Piper Sandler raised their price target on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Finally, JPMorgan Chase & Co. increased their target price on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $189.23.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.9 %

Broadcom stock opened at $162.47 on Wednesday. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The stock has a market capitalization of $756.28 billion, a P/E ratio of 6.99, a PEG ratio of 2.55 and a beta of 1.16. The stock has a 50-day simple moving average of $157.17 and a 200 day simple moving average of $146.21. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 earnings per share. Analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.30%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Broadcom Company Profile

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.