ABC Arbitrage SA acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 9,418 shares of the semiconductor manufacturer's stock, valued at approximately $1,577,000.
Several other institutional investors have also added to or reduced their stakes in AVGO. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. Northern Trust Corp lifted its holdings in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. APG Asset Management N.V. lifted its holdings in Broadcom by 609.4% during the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after purchasing an additional 3,762,034 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Broadcom by 14.8% during the fourth quarter. Janus Henderson Group PLC now owns 15,358,690 shares of the semiconductor manufacturer's stock valued at $3,560,643,000 after purchasing an additional 1,974,620 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently issued reports on AVGO shares. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Rosenblatt Securities boosted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $294.92.
Read Our Latest Research Report on AVGO
Insider Activity
In related news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by corporate insiders.
Broadcom Stock Up 3.1%
Shares of AVGO opened at $297.72 on Tuesday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95. The company has a market capitalization of $1.40 trillion, a PE ratio of 111.51, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The stock has a fifty day simple moving average of $267.94 and a two-hundred day simple moving average of $224.92. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 EPS. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.
About Broadcom
(
Free Report)
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.
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