ABN Amro Investment Solutions Buys 147,115 Shares of Broadcom Inc. $AVGO

Key Points

• ABN Amro Investment Solutions boosted its Broadcom stake by 40% in the fourth quarter, buying 147,115 additional shares and bringing its total to 515,292 shares worth about $178.3 million.
• Broadcom reported strong quarterly results, with earnings of $2.05 per share and revenue of $19.31 billion, both slightly ahead of expectations. Revenue rose 29.5% year over year.
• Despite some insider selling and mixed analyst views, Broadcom remains widely held by institutions, with 76.43% of shares owned by institutional investors and hedge funds. Analysts currently rate the stock Moderate Buy with an average price target of $448.10.

ABN Amro Investment Solutions raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 40.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 515,292 shares of the semiconductor manufacturer's stock after purchasing an additional 147,115 shares during the period. Broadcom makes up approximately 2.6% of ABN Amro Investment Solutions' holdings, making the stock its 6th biggest position. ABN Amro Investment Solutions' holdings in Broadcom were worth $178,343,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC grew its position in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after acquiring an additional 756 shares during the period. United Bank raised its holdings in Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after acquiring an additional 1,014 shares in the last quarter. Sivia Capital Partners LLC lifted its position in shares of Broadcom by 10.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock worth $3,499,000 after acquiring an additional 1,160 shares during the period. Finally, Capital & Planning LLC raised its stake in shares of Broadcom by 10.5% in the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after purchasing an additional 378 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ AVGO opened at $414.14 on Tuesday. The stock's 50 day simple moving average is $374.86 and its 200 day simple moving average is $356.49. Broadcom Inc. has a one year low of $226.18 and a one year high of $442.36. The firm has a market cap of $1.96 trillion, a PE ratio of 80.89, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business's revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.60 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 9.91 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is presently 50.78%.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of the business's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the sale, the insider directly owned 278,141 shares of the company's stock, valued at approximately $89,450,145.60. The trade was a 15.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider S. Ram Velaga sold 8,000 shares of the company's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the transaction, the insider owned 57,932 shares in the company, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 324,282 shares of company stock worth $106,425,249. Corporate insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of several research reports. Bank of America reduced their target price on Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Wells Fargo & Company reissued an "overweight" rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a report on Wednesday, April 8th. Citigroup reiterated a "buy" rating and set a $500.00 target price (up from $475.00) on shares of Broadcom in a research report on Tuesday, May 12th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $500.00 target price on shares of Broadcom in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $448.10.

Broadcom Company Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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