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Virtu Financial LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Virtu Financial LLC significantly increased its stake in Broadcom Inc. by 74.9%, purchasing 50,555 additional shares to reach a total of 118,069 shares worth approximately $19.77 million.
  • Broadcom recently reported a 20.2% increase in quarterly revenue, reaching $15 billion, and achieved an earnings per share (EPS) of $1.58, surpassing analysts' estimates.
  • The semiconductor company declared a quarterly dividend of $0.59 per share, which translates to an annualized dividend yield of 0.8%, reflecting a payout ratio of 88.39%.
  • Looking to export and analyze Broadcom data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Virtu Financial LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,069 shares of the semiconductor manufacturer's stock after purchasing an additional 50,555 shares during the period. Broadcom makes up approximately 1.1% of Virtu Financial LLC's investment portfolio, making the stock its 6th biggest position. Virtu Financial LLC's holdings in Broadcom were worth $19,768,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AVGO. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. Northern Trust Corp grew its stake in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Broadcom by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after purchasing an additional 4,550,647 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Broadcom by 36.9% in the first quarter. Deutsche Bank AG now owns 15,758,895 shares of the semiconductor manufacturer's stock worth $2,638,512,000 after purchasing an additional 4,245,345 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on AVGO shares. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Oppenheimer upped their target price on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Finally, KeyCorp raised their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $294.92.

Check Out Our Latest Research Report on AVGO

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the 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 transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 2.9%

Shares of NASDAQ AVGO traded up $8.93 during midday trading on Tuesday, hitting $312.83. 17,557,896 shares of the company traded hands, compared to its average volume of 26,383,006. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $313.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a 50-day moving average price of $273.98 and a 200 day moving average price of $227.04. The firm has a market cap of $1.47 trillion, a P/E ratio of 117.16, a P/E/G ratio of 2.17 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 earnings per share. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

About Broadcom

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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