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Aigen Investment Management LP Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Aigen Investment Management LP has invested approximately $726,000 in Broadcom Inc., acquiring 4,334 shares during the first quarter of 2023.
  • Insiders, including CFO Kirsten M. Spears, have sold over 830,516 shares of the company's stock in the past three months, indicating some selling pressure amid significant trading activity.
  • Broadcom's stock recently opened at $303.90, with a market capitalization of $1.43 trillion, and is projected to post 5.38 earnings per share for the current year.
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Aigen Investment Management LP acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,334 shares of the semiconductor manufacturer's stock, valued at approximately $726,000.

Several other institutional investors have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares during the last quarter. PARUS FINANCE UK Ltd increased its holdings in Broadcom by 175.3% in the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after purchasing an additional 64,038 shares during the period. Nebula Research & Development LLC raised its position in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Keener Financial Planning LLC lifted its holdings in Broadcom by 34.8% during the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock worth $149,000 after buying an additional 230 shares during the period. Finally, Diversify Wealth Management LLC increased its stake in shares of Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after buying an additional 2,016 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated 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 sale, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 2.9%

NASDAQ:AVGO traded up $8.93 during trading hours on Tuesday, hitting $312.83. 17,604,553 shares of the company traded hands, compared to its average volume of 16,984,464. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.47 trillion, a PE ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15. The firm's 50-day simple moving average is $275.10 and its 200-day simple moving average is $227.64. Broadcom Inc. has a one year low of $134.90 and a one year high of $313.44.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend yield of 0.8%. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AVGO shares. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Citigroup upped their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Saturday. Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average target price of $294.92.

Check Out Our Latest Analysis on Broadcom

Broadcom Company Profile

(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.

Further Reading

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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