BerganKDV Wealth Management LLC Has $3.40 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

BerganKDV Wealth Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 10.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,400 shares of the semiconductor manufacturer’s stock after purchasing an additional 511 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Broadcom were worth $3,400,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. State Street Corp increased its position in Broadcom by 3.4% in the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock worth $11,001,395,000 after purchasing an additional 542,398 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 6,809,021 shares of the semiconductor manufacturer’s stock valued at $4,518,636,000 after buying an additional 197,415 shares in the last quarter. Northern Trust Corp increased its holdings in Broadcom by 1.6% in the fourth quarter. Northern Trust Corp now owns 4,895,299 shares of the semiconductor manufacturer’s stock worth $3,257,382,000 after buying an additional 77,517 shares during the last quarter. Nuveen Asset Management LLC raised its position in Broadcom by 16.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after acquiring an additional 624,821 shares in the last quarter. Finally, Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at approximately $2,403,800,000. 81.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. Mizuho upped their price target on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, May 27th. Piper Sandler reissued a “buy” rating and set a $750.00 price objective on shares of Broadcom in a report on Tuesday, May 24th. Finally, Truist Financial boosted their target price on Broadcom to $658.00 in a report on Friday, May 27th. Four equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $680.46.

Broadcom Stock Performance

AVGO traded down $1.36 during trading on Friday, reaching $551.44. 1,435,744 shares of the company’s stock were exchanged, compared to its average volume of 1,840,794. The company has a market capitalization of $222.68 billion, a P/E ratio of 27.34, a PEG ratio of 1.12 and a beta of 1.08. 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 business has a 50 day moving average price of $518.75 and a 200 day moving average price of $561.25. Broadcom Inc. has a fifty-two week low of $462.66 and a fifty-two week high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 EPS for the quarter, topping analysts’ consensus estimates of $7.88 by $0.51. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The company had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $7.91 billion. During the same period last year, the firm earned $5.89 EPS. The firm’s revenue for the quarter was up 22.6% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom declared that its board has initiated a stock repurchase program on Thursday, May 26th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Broadcom 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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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