Point72 Hong Kong Ltd Takes $4.32 Million Position in Broadcom Inc (NASDAQ:AVGO)
Point72 Hong Kong Ltd purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 15,000 shares of the semiconductor manufacturer’s stock, valued at approximately $4,318,000. Broadcom comprises about 1.2% of Point72 Hong Kong Ltd’s investment portfolio, making the stock its 13th biggest position.
A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Pinnacle Bank grew its position in Broadcom by 128.2% during the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 50 shares during the last quarter. Liberty Wealth Management LLC grew its position in shares of Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 35 shares during the last quarter. Advisors Preferred LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $27,000. FNY Investment Advisers LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $51,000. Finally, Citizens Financial Group Inc RI grew its position in shares of Broadcom by 257.1% in the 1st quarter. Citizens Financial Group Inc RI now owns 175 shares of the semiconductor manufacturer’s stock worth $52,000 after buying an additional 126 shares during the last quarter. Institutional investors and hedge funds own 84.57% of the company’s stock.
In other news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $288.71, for a total value of $5,774,200.00. Also, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders sold 71,922 shares of company stock valued at $20,347,831 in the last 90 days. Company insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.98 EPS. As a group, equities analysts anticipate that Broadcom Inc will post 16.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.
A number of equities research analysts have recently weighed in on the company. DA Davidson cut their price objective on Broadcom to $300.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. Morgan Stanley raised their target price on Broadcom from $250.00 to $265.00 and gave the company an “equal weight” rating in a research note on Friday, September 13th. Loop Capital cut Broadcom from a “buy” rating to a “hold” rating in a research note on Friday, September 13th. Citigroup lowered their target price on Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research note on Friday, June 14th. Finally, Robert W. Baird lowered their target price on Broadcom from $300.00 to $280.00 and set an “outperform” rating for the company in a research note on Monday, June 17th. Eleven investment analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company. Broadcom currently has an average rating of “Buy” and an average price target of $312.06.
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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