Resona Asset Management Co. Ltd. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,423,911 shares of the semiconductor manufacturer's stock after purchasing an additional 110,309 shares during the quarter. Broadcom comprises 1.4% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 10th largest position. Resona Asset Management Co. Ltd.'s holdings in Broadcom were worth $238,799,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Nuveen LLC acquired a new stake in Broadcom in the 1st quarter valued at approximately $6,649,117,000. GAMMA Investing LLC increased its position in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD increased its position in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. Northern Trust Corp increased its position in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Broadcom by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after acquiring an additional 4,550,647 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Broadcom
In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Performance
AVGO stock traded up $8.93 during trading on Tuesday, reaching $312.83. 17,604,553 shares of the stock were exchanged, compared to its average volume of 16,984,464. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $313.44. The company has a market capitalization of $1.47 trillion, a P/E ratio of 117.16, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The stock has a 50 day simple moving average of $275.10 and a 200-day simple moving average of $227.64. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.
Analyst Upgrades and Downgrades
A number of equities analysts have issued reports on AVGO shares. Morgan Stanley set a $338.00 price target on Broadcom and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $294.92.
View Our Latest Stock Report on Broadcom
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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