ASR Vermogensbeheer N.V. Invests $115.98 Million in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• ASR Vermogensbeheer N.V. has acquired 692,681 shares of Broadcom Inc. (AVGO), valued at approximately $115.98 million, making it the fund's 9th largest holding.
• Recent upgrades by brokerages have increased Broadcom's target prices, with Rosenblatt Securities raising it to $340.00 while the stock currently has an average rating of "Buy".
• Broadcom reported earnings of $1.58 per share in its latest quarter, exceeding analyst expectations and showcasing a 20.2% revenue growth year-over-year, with total revenue reaching $15 billion.

ASR Vermogensbeheer N.V. bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 692,681 shares of the semiconductor manufacturer's stock, valued at approximately $115,976,000. Broadcom makes up approximately 1.7% of ASR Vermogensbeheer N.V.'s investment portfolio, making the stock its 9th biggest holding.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Brighton Jones LLC grew its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG grew its stake in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE grew its stake in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares in the last quarter. Finally, Rollins Financial Advisors LLC grew its stake in Broadcom by 7.9% in the fourth quarter. Rollins Financial Advisors LLC now owns 5,158 shares of the semiconductor manufacturer's stock valued at $1,196,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $2.09 during trading hours on Thursday, hitting $303.76. 16,280,889 shares of the company's stock were exchanged, compared to its average volume of 17,130,764. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $310.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 113.77, a PEG ratio of 2.15 and a beta of 1.15. The company's 50-day moving average price is $271.57 and its 200-day moving average price is $226.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio is 88.39%.

Analysts Set New Price Targets

A number of research analysts have commented on AVGO shares. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Mizuho upped their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $294.92.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently 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.