Hexavest Inc. Buys 46,516 Shares of Broadcom Inc (NASDAQ:AVGO)

Hexavest Inc. grew its stake in Broadcom Inc (NASDAQ:AVGO) by 31.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 195,250 shares of the semiconductor manufacturer’s stock after acquiring an additional 46,516 shares during the period. Hexavest Inc.’s holdings in Broadcom were worth $61,703,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. LVW Advisors LLC grew its holdings in Broadcom by 13.5% during the 3rd quarter. LVW Advisors LLC now owns 1,301 shares of the semiconductor manufacturer’s stock worth $359,000 after acquiring an additional 155 shares in the last quarter. Covington Capital Management grew its holdings in Broadcom by 14.3% during the 2nd quarter. Covington Capital Management now owns 25,500 shares of the semiconductor manufacturer’s stock worth $7,340,000 after acquiring an additional 3,200 shares in the last quarter. Boston Trust Walden Corp grew its holdings in Broadcom by 28.1% during the 3rd quarter. Boston Trust Walden Corp now owns 2,206 shares of the semiconductor manufacturer’s stock worth $609,000 after acquiring an additional 484 shares in the last quarter. HBK Sorce Advisory LLC grew its holdings in Broadcom by 4.9% during the 2nd quarter. HBK Sorce Advisory LLC now owns 3,291 shares of the semiconductor manufacturer’s stock worth $948,000 after acquiring an additional 154 shares in the last quarter. Finally, IHT Wealth Management LLC grew its holdings in Broadcom by 16.8% during the 3rd quarter. IHT Wealth Management LLC now owns 3,359 shares of the semiconductor manufacturer’s stock worth $927,000 after acquiring an additional 484 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Broadcom stock traded up $2.41 during trading hours on Thursday, hitting $305.55. 419,059 shares of the stock traded hands, compared to its average volume of 2,244,584. The firm’s 50-day moving average price is $314.82 and its two-hundred day moving average price is $295.07. The company has a current ratio of 1.44, a quick ratio of 1.31 and a debt-to-equity ratio of 1.58. The company has a market cap of $122.59 billion, a PE ratio of 17.55, a PEG ratio of 1.50 and a beta of 0.90. Broadcom Inc has a one year low of $248.72 and a one year high of $331.20.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $5.35 by $0.04. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The business had revenue of $5.78 billion for the quarter, compared to analysts’ expectations of $5.74 billion. During the same period in the previous year, the firm posted $5.85 EPS. The business’s revenue was up 6.1% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc will post 19.22 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $3.25 per share. The ex-dividend date was Friday, December 20th. This is a positive change from Broadcom’s previous quarterly dividend of $2.65. This represents a $13.00 dividend on an annualized basis and a yield of 4.25%. Broadcom’s payout ratio is currently 74.67%.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.56, for a total transaction of $6,291,200.00. Over the last quarter, insiders have sold 115,000 shares of company stock valued at $36,014,100. Company insiders own 3.30% of the company’s stock.

AVGO has been the subject of several research analyst reports. BidaskClub cut shares of Broadcom from a “strong-buy” rating to a “buy” rating in a report on Friday, January 10th. Wells Fargo & Co upped their price objective on shares of Broadcom from $300.00 to $330.00 and gave the stock an “equal weight” rating in a research report on Friday, December 13th. Bank of America reiterated a “buy” rating on shares of Broadcom in a report on Monday, December 9th. Morgan Stanley upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating in a report on Wednesday, November 27th. Finally, Craig Hallum restated a “buy” rating and issued a $385.00 price target (up previously from $330.00) on shares of Broadcom in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. Broadcom currently has a consensus rating of “Buy” and an average price target of $331.77.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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