Broadcom Inc. (NASDAQ:AVGO) Holdings Boosted by IFM Investors Pty Ltd

IFM Investors Pty Ltd increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 912,840 shares of the semiconductor manufacturer's stock after purchasing an additional 74,073 shares during the period. Broadcom accounts for about 1.6% of IFM Investors Pty Ltd's investment portfolio, making the stock its 8th biggest holding. IFM Investors Pty Ltd's holdings in Broadcom were worth $157,465,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter worth about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter worth about $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter worth about $25,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ:AVGO traded up $4.97 during midday trading on Friday, hitting $274.87. 10,592,655 shares of the stock were exchanged, compared to its average volume of 28,575,138. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The business has a 50-day moving average price of $238.77 and a two-hundred day moving average price of $217.17. 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 posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Evercore ISI reissued an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and an average price target of $281.46.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.