Auto Owners Insurance Co Has $108.83 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Auto Owners Insurance Co lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27,096.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 650,000 shares of the semiconductor manufacturer's stock after acquiring an additional 647,610 shares during the quarter. Broadcom accounts for approximately 2.0% of Auto Owners Insurance Co's holdings, making the stock its 14th largest position. Auto Owners Insurance Co's holdings in Broadcom were worth $108,830,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AVGO. Madison Asset Management LLC boosted its position in Broadcom by 2.5% during the 1st quarter. Madison Asset Management LLC now owns 2,548 shares of the semiconductor manufacturer's stock valued at $427,000 after purchasing an additional 63 shares during the period. Close Asset Management Ltd boosted its position in Broadcom by 135.4% during the 1st quarter. Close Asset Management Ltd now owns 21,343 shares of the semiconductor manufacturer's stock valued at $3,574,000 after purchasing an additional 12,275 shares during the period. Legato Capital Management LLC boosted its position in Broadcom by 34.6% during the 1st quarter. Legato Capital Management LLC now owns 40,434 shares of the semiconductor manufacturer's stock valued at $6,770,000 after purchasing an additional 10,400 shares during the period. Forbes J M & Co. LLP boosted its position in Broadcom by 2.7% during the 1st quarter. Forbes J M & Co. LLP now owns 116,758 shares of the semiconductor manufacturer's stock valued at $19,549,000 after purchasing an additional 3,099 shares during the period. Finally, SYM FINANCIAL Corp boosted its position in Broadcom by 78.6% during the 1st quarter. SYM FINANCIAL Corp now owns 16,492 shares of the semiconductor manufacturer's stock valued at $2,761,000 after purchasing an additional 7,260 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 in the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Stock Up 1.8%

Shares of AVGO traded up $5.02 during trading hours on Thursday, hitting $288.71. 16,378,941 shares of the company were exchanged, compared to its average volume of 27,262,137. The company has a market cap of $1.36 trillion, a PE ratio of 108.13, a PEG ratio of 1.98 and a beta of 1.12. The firm's 50 day moving average is $257.70 and its 200-day moving average is $221.40. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $291.20. 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 issued its quarterly earnings results 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 return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business posted $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.82%. Broadcom's dividend payout ratio is 88.39%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, The Goldman Sachs Group began coverage on Broadcom in a report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $292.08.

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.