Broadcom Inc. $AVGO Position Raised by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its Broadcom stake by 4.9% in the fourth quarter, buying 33,262 additional shares and bringing its total holding to 707,367 shares worth about $244.8 million.
• Broadcom reported strong quarterly results, with EPS of $2.05 and revenue of $19.31 billion, both ahead of analyst expectations; revenue also rose 29.5% year over year.
• Analyst sentiment remains broadly positive, with Broadcom holding a Moderate Buy consensus and an average price target of $435.30, though some firms recently trimmed targets or downgraded the stock.

QRG Capital Management Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 707,367 shares of the semiconductor manufacturer's stock after buying an additional 33,262 shares during the quarter. Broadcom comprises approximately 2.7% of QRG Capital Management Inc.'s investment portfolio, making the stock its 6th biggest holding. QRG Capital Management Inc.'s holdings in Broadcom were worth $244,820,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AVGO. JCIC Asset Management Inc. purchased a new stake in shares of Broadcom during the third quarter valued at $31,000. Miller Global Investments LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at $31,000. Nvest Wealth Strategies Inc. purchased a new stake in shares of Broadcom during the fourth quarter valued at $33,000. Manning & Napier Advisors LLC purchased a new stake in shares of Broadcom during the third quarter valued at $34,000. Finally, Family CFO Inc purchased a new stake in shares of Broadcom during the fourth quarter valued at $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. Wells Fargo & Company raised shares of Broadcom from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Weiss Ratings downgraded shares of Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Truist Financial boosted their target price on shares of Broadcom from $510.00 to $545.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. Royal Bank Of Canada decreased their target price on shares of Broadcom from $370.00 to $340.00 and set a "sector perform" rating for the company in a research report on Monday, March 2nd. Finally, Bank of America decreased their target price on shares of Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $435.30.

Insider Activity

In other Broadcom news, insider S. Ram Velaga sold 38,841 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $12,491,265.60. Following the completion of the transaction, the insider owned 96,147 shares in the company, valued at approximately $30,920,875.20. This represents a 28.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,488 shares of the company's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the transaction, the insider owned 278,141 shares of the company's stock, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by insiders.

Broadcom Trading Down 0.4%

NASDAQ AVGO opened at $428.43 on Tuesday. The company has a market capitalization of $2.03 trillion, a PE ratio of 83.68, a P/E/G ratio of 0.89 and a beta of 1.43. The company has a fifty day moving average of $356.98 and a 200 day moving average of $352.45. Broadcom Inc. has a 1 year low of $215.88 and a 1 year high of $437.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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 the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $1.60 earnings per share. Research analysts forecast that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were given a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. Broadcom's dividend payout ratio is 50.78%.

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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