Cambridge Financial Group Inc. decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 24.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,822 shares of the semiconductor manufacturer’s stock after selling 4,408 shares during the quarter. Broadcom comprises about 3.9% of Cambridge Financial Group Inc.’s portfolio, making the stock its 6th biggest holding. Cambridge Financial Group Inc.’s holdings in Broadcom were worth $8,703,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of AVGO. BerganKDV Wealth Management LLC grew its holdings in shares of Broadcom by 10.5% in the first quarter. BerganKDV Wealth Management LLC now owns 5,400 shares of the semiconductor manufacturer’s stock valued at $3,400,000 after purchasing an additional 511 shares during the period. Avantax Planning Partners Inc. lifted its position in Broadcom by 12.6% in the first quarter. Avantax Planning Partners Inc. now owns 6,373 shares of the semiconductor manufacturer’s stock valued at $4,013,000 after buying an additional 711 shares during the last quarter. Vestor Capital LLC lifted its position in Broadcom by 29.6% in the first quarter. Vestor Capital LLC now owns 40,242 shares of the semiconductor manufacturer’s stock valued at $25,340,000 after buying an additional 9,190 shares during the last quarter. Beaumont Financial Partners LLC lifted its position in Broadcom by 90.2% in the first quarter. Beaumont Financial Partners LLC now owns 2,943 shares of the semiconductor manufacturer’s stock valued at $1,853,000 after buying an additional 1,396 shares during the last quarter. Finally, Highlander Capital Management LLC acquired a new position in Broadcom in the first quarter valued at about $63,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on AVGO. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Bank of America reduced their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Truist Financial increased their price target on shares of Broadcom to $658.00 in a research report on Friday, May 27th. Piper Sandler reissued a “buy” rating and set a $750.00 price target on shares of Broadcom in a research report on Tuesday, May 24th. Finally, KeyCorp increased their price target on shares of Broadcom from $720.00 to $780.00 and gave the stock an “overweight” rating in a research report on Friday, May 27th. Four analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $680.46.
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Rating) last released its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. During the same quarter in the prior year, the business posted $5.89 earnings per share. The company’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were given a $4.10 dividend. This represents a $16.40 annualized dividend and a yield of 2.97%. The ex-dividend date was Tuesday, June 21st. Broadcom’s payout ratio is currently 81.31%.
Broadcom announced that its board has initiated a share buyback plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
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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