Allspring Global Investments Holdings LLC Has $472.01 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Allspring Global Investments Holdings LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,800,933 shares of the semiconductor manufacturer's stock after buying an additional 428,109 shares during the period. Broadcom makes up 0.8% of Allspring Global Investments Holdings LLC's holdings, making the stock its 13th biggest holding. Allspring Global Investments Holdings LLC owned about 0.06% of Broadcom worth $472,013,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Oppenheimer boosted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, Mizuho boosted their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" 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 two 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 $281.25.

Broadcom Stock Down 0.3%

Broadcom stock opened at $269.35 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $271.85. The firm has a 50 day moving average price of $229.43 and a 200-day moving average price of $215.50. The company has a market capitalization of $1.27 trillion, a P/E ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11. 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 released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the firm earned $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on 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 now directly owns 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 Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director now owns 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 811,716 shares of company stock valued at $209,906,771 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Company Profile

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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