Transform Wealth LLC Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Transform Wealth LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,497 shares of the semiconductor manufacturer’s stock after selling 297 shares during the period. Broadcom makes up approximately 1.4% of Transform Wealth LLC’s investment portfolio, making the stock its 18th biggest position. Transform Wealth LLC’s holdings in Broadcom were worth $9,472,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Blair William & Co. IL boosted its position in shares of Broadcom by 14.9% during the fourth quarter. Blair William & Co. IL now owns 34,312 shares of the semiconductor manufacturer’s stock valued at $22,832,000 after buying an additional 4,460 shares during the period. Clearstead Advisors LLC increased its position in shares of Broadcom by 14.1% during the fourth quarter. Clearstead Advisors LLC now owns 2,542 shares of the semiconductor manufacturer’s stock worth $1,691,000 after purchasing an additional 314 shares in the last quarter. Nuveen Asset Management LLC increased its position in shares of Broadcom by 16.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $2,949,003,000 after purchasing an additional 624,821 shares in the last quarter. Jag Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $265,000. Finally, IHT Wealth Management LLC increased its position in shares of Broadcom by 1.7% during the fourth quarter. IHT Wealth Management LLC now owns 3,198 shares of the semiconductor manufacturer’s stock worth $2,128,000 after purchasing an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 79.60% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AVGO shares. BMO Capital Markets dropped their price objective on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a report on Friday, September 2nd. KeyCorp lowered their price target on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, September 2nd. Mizuho upped their price target on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Bank of America lowered their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Finally, Susquehanna reissued a “buy” rating and set a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. Two equities 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 company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Price Performance

Shares of AVGO traded down $12.95 during mid-day trading on Friday, hitting $464.66. 79,592 shares of the company were exchanged, compared to its average volume of 2,493,283. Broadcom Inc. has a 1-year low of $463.91 and a 1-year high of $677.76. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32. The company has a 50 day moving average of $521.51 and a 200-day moving average of $547.95. The stock has a market cap of $188.19 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 0.93 and a beta of 1.09.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. Broadcom’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.32 EPS. Analysts expect that Broadcom Inc. will post 34.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be issued a $4.10 dividend. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a yield of 3.53%. Broadcom’s payout ratio is 70.93%.

Broadcom announced that its board has approved a share buyback plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are 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

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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