Broadcom Inc. (NASDAQ:AVGO) Stake Reduced by Miramar Capital LLC

Miramar Capital LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 16.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,938 shares of the semiconductor manufacturer’s stock after selling 2,358 shares during the quarter. Broadcom comprises approximately 4.8% of Miramar Capital LLC’s investment portfolio, making the stock its 3rd largest holding. Miramar Capital LLC’s holdings in Broadcom were worth $19,167,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares during the last quarter. Richardson Capital Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $29,000. Delta Asset Management LLC TN lifted its holdings in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new position in Broadcom in the first quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in Broadcom in the first quarter valued at approximately $37,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday. Barclays boosted their price target on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Piper Sandler boosted their price target on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. William Blair began coverage on Broadcom in a research note on Wednesday. They set an “outperform” rating for the company. Finally, JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Down 0.5 %

Shares of NASDAQ:AVGO opened at $161.67 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The business has a fifty day moving average of $156.94 and a two-hundred day moving average of $146.43. The stock has a market cap of $752.55 billion, a P/E ratio of 6.95, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. On average, research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.31%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the 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 completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

About Broadcom

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.