AMG Asset Management Group Inc. Invests $833,000 in Broadcom Inc. $AVGO

AMG Asset Management Group Inc. purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 2,406 shares of the semiconductor manufacturer's stock, valued at approximately $833,000. Broadcom accounts for approximately 2.7% of AMG Asset Management Group Inc.'s investment portfolio, making the stock its 11th largest holding.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Broadcom during the 4th quarter worth approximately $24,252,196,000. Cardano Risk Management B.V. grew its position in Broadcom by 895.2% during the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock worth $4,391,940,000 after purchasing an additional 11,414,701 shares during the period. State Street Corp lifted its holdings in shares of Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock valued at $65,788,194,000 after buying an additional 5,040,801 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Broadcom by 499.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer's stock worth $1,858,789,000 after acquiring an additional 4,694,313 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after acquiring an additional 3,919,715 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $515.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, June 4th. Rosenblatt Securities reiterated a "buy" rating and set a $500.00 target price on shares of Broadcom in a research report on Thursday, June 4th. The Goldman Sachs Group reissued a "buy" rating and issued a $525.00 price target on shares of Broadcom in a report on Thursday, June 4th. KeyCorp reaffirmed an "overweight" rating and set a $575.00 price objective (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Finally, Truist Financial upped their price target on shares of Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $490.13.

Broadcom Stock Performance

AVGO opened at $411.35 on Monday. The firm has a market capitalization of $1.96 trillion, a PE ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41. Broadcom Inc. has a twelve month low of $244.17 and a twelve month high of $495.00. The firm's 50-day moving average price is $411.42 and its 200 day moving average price is $363.34. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The business had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $22.13 billion. During the same period in the previous year, the firm posted $1.58 EPS. The business's revenue for the quarter was up 47.9% compared to the same quarter last year. As a group, sell-side analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's payout ratio is 43.33%.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the transaction, the insider owned 787,184 shares in the company, valued at $271,759,532.32. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry L. You purchased 1,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were purchased at an average cost of $373.57 per share, for a total transaction of $373,570.00. Following the transaction, the director owned 38,466 shares in the company, valued at approximately $14,369,743.62. The trade was a 2.67% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold 59,385 shares of company stock worth $21,301,057 over the last quarter. Corporate insiders own 1.90% of the company's stock.

Broadcom 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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