AustralianSuper Pty Ltd Buys 1,245,805 Shares of Broadcom Inc. (NASDAQ:AVGO)

AustralianSuper Pty Ltd raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 300.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,660,769 shares of the semiconductor manufacturer's stock after purchasing an additional 1,245,805 shares during the quarter. Broadcom comprises approximately 1.6% of AustralianSuper Pty Ltd's holdings, making the stock its 12th biggest holding. AustralianSuper Pty Ltd's holdings in Broadcom were worth $278,063,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its stake 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 period. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after acquiring an additional 14,399 shares during the period. Diversify Wealth Management LLC raised its stake in shares of Broadcom by 5.6% in the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after acquiring an additional 2,016 shares during the period. OMNI 360 Wealth Inc. boosted its holdings in Broadcom by 51.6% in the 1st 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 boosted its holdings in Broadcom by 1,512.3% in the 4th 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. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, 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 value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the transaction, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their position. 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 quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AVGO shares. Mizuho lifted their price target on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research note on Wednesday. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Citigroup lifted their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $292.08.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $3.11 during trading on Friday, reaching $283.34. The company had a trading volume of 15,006,524 shares, compared to its average volume of 27,818,679. The firm's fifty day moving average is $254.41 and its 200 day moving average is $220.25. The firm has a market capitalization of $1.33 trillion, a PE ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $288.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given 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 0.83%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.