Mastrapasqua Asset Management Inc. Sells 1,533 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mastrapasqua Asset Management Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 4.5% during the 1st quarter, HoldingsChannel reports. The fund owned 32,325 shares of the semiconductor manufacturer’s stock after selling 1,533 shares during the period. Broadcom comprises 2.3% of Mastrapasqua Asset Management Inc.’s portfolio, making the stock its 7th largest position. Mastrapasqua Asset Management Inc.’s holdings in Broadcom were worth $20,354,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Investment Research & Advisory Group Inc. bought a new stake in Broadcom during the fourth quarter valued at $25,000. TFO TDC LLC bought a new position in shares of Broadcom during the fourth quarter worth about $25,000. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth about $25,000. Focused Wealth Management Inc lifted its position in Broadcom by 101.0% in the 4th quarter. Focused Wealth Management Inc now owns 40 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 4,000 shares during the last quarter. Finally, West Bancorporation Inc. acquired a new position in Broadcom during the 4th quarter valued at about $29,000. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently weighed in on AVGO shares. UBS Group lifted their price target on Broadcom from $665.00 to $690.00 and gave the company a “buy” rating in a report on Friday, March 4th. Morgan Stanley reduced their price objective on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a report on Friday, March 4th. Rosenblatt Securities increased their price objective on shares of Broadcom from $750.00 to $775.00 and gave the company a “buy” rating in a report on Friday, March 4th. Truist Financial boosted their target price on Broadcom to $658.00 in a report on Friday, May 27th. Finally, upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $683.17.

Shares of AVGO traded down $11.88 during mid-day trading on Friday, reaching $473.93. The company’s stock had a trading volume of 48,883 shares, compared to its average volume of 2,528,595. Broadcom Inc. has a 1 year low of $455.71 and a 1 year high of $677.76. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87. The company has a market cap of $191.38 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 0.96 and a beta of 1.04. The business has a fifty day moving average of $550.12 and a 200 day moving average of $584.72.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.88 by $1.19. 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 period in the prior year, the business earned $5.89 EPS. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 33.95 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were issued a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Tuesday, June 21st. Broadcom’s dividend payout ratio is currently 81.31%.

Broadcom announced that its board has authorized a share buyback program on Thursday, May 26th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 4.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

In other Broadcom news, Director Diane M. Bryant sold 476 shares of the company’s stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $629.55, for a total value of $299,665.80. Following the transaction, the director now owns 1,560 shares in the company, valued at approximately $982,098. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

About Broadcom (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.

Further Reading

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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