Allianz SE Buys 1,348 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Allianz SE increased its stake in Broadcom Inc. by 0.8%, acquiring an additional 1,348 shares, bringing its total ownership to approximately $30 million, making Broadcom its 25th largest holding.
• Several hedge funds have also invested in Broadcom recently, with institutional investors now owning 76.43% of the company's stock.
• Broadcom declared a quarterly dividend of $0.59 per share and announced a stock buyback program worth $10 billion, reflecting confidence in its stock value.

Allianz SE lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 179,437 shares of the semiconductor manufacturer's stock after buying an additional 1,348 shares during the period. Broadcom makes up about 0.8% of Allianz SE's portfolio, making the stock its 25th largest position. Allianz SE's holdings in Broadcom were worth $30,043,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in shares of 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 acquiring an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its position in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares during the period. Diversify Wealth Management LLC raised its position in Broadcom by 5.6% during the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock worth $6,365,000 after acquiring an additional 2,016 shares during the period. OMNI 360 Wealth Inc. raised its position in Broadcom by 51.6% during the first quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock worth $499,000 after acquiring an additional 1,014 shares during the period. Finally, Coppell Advisory Solutions LLC raised its position in Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after acquiring an additional 86,884 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.7%

Shares of AVGO traded down $5.06 during trading hours on Friday, hitting $288.64. 21,405,316 shares of the stock traded hands, compared to its average volume of 17,067,202. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $306.95. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.10, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The business has a fifty day moving average of $266.56 and a 200-day moving average of $224.50.

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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. The company's revenue was up 20.2% compared to the same quarter last year. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. KeyCorp increased their target price on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group started coverage on shares of Broadcom in a research report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price for the company. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $294.92.

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.