Arrowstreet Capital Limited Partnership increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 499.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,634,232 shares of the semiconductor manufacturer's stock after purchasing an additional 4,694,313 shares during the period. Broadcom accounts for 1.2% of Arrowstreet Capital Limited Partnership's holdings, making the stock its 8th biggest holding. Arrowstreet Capital Limited Partnership owned 0.12% of Broadcom worth $1,858,789,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Vanguard Group Inc. lifted its position in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer's stock worth $133,261,046,000 after buying an additional 6,222,802 shares during the last quarter. State Street Corp raised its stake in Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer's stock worth $51,071,601,000 after buying an additional 873,963 shares in the last quarter. Geode Capital Management LLC grew its stake in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer's stock valued at $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new position in Broadcom in the second quarter worth $18,579,549,000. Finally, Invesco Ltd. grew its holdings in shares of Broadcom by 1.8% during the third quarter. Invesco Ltd. now owns 39,149,651 shares of the semiconductor manufacturer's stock valued at $12,915,861,000 after buying an additional 700,021 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
More Broadcom News
Here are the key news stories impacting Broadcom this week:
Insider Buying and Selling at Broadcom
In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of the business's stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total value of $10,434,600.00. Following the completion of the transaction, the chief financial officer directly owned 277,237 shares in the company, valued at approximately $96,428,573.34. The trade was a 9.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 38,281 shares of the stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the transaction, the insider owned 266,494 shares in the company, valued at $87,316,759.10. This trade represents a 12.56% 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 458,785 shares of company stock worth $155,508,157. Insiders own 1.90% of the company's stock.
Broadcom Trading Down 1.6%
Shares of AVGO stock opened at $335.97 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The business's fifty day moving average price is $333.24 and its 200 day moving average price is $344.15. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The firm has a market capitalization of $1.59 trillion, a PE ratio of 65.62, a P/E/G ratio of 0.78 and a beta of 1.22.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.03 by $0.02. The company had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm's quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the company posted $1.60 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is currently 50.78%.
Analyst Ratings Changes
Several analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Broadcom from $435.00 to $450.00 and gave the company an "outperform" rating in a research note on Friday, December 12th. The Goldman Sachs Group restated a "buy" rating and set a $450.00 price target on shares of Broadcom in a report on Monday, January 5th. Zacks Research cut Broadcom from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, March 4th. Benchmark restated a "buy" rating and issued a $485.00 price target on shares of Broadcom in a research note on Thursday, March 5th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $435.30.
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About Broadcom
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Free Report)
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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