Pictet Asset Management Holding SA Purchases 1,489,113 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pictet Asset Management Holding SA raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 28.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,650,857 shares of the semiconductor manufacturer's stock after purchasing an additional 1,489,113 shares during the period. Broadcom comprises approximately 1.2% of Pictet Asset Management Holding SA's holdings, making the stock its 8th largest holding. Pictet Asset Management Holding SA owned about 0.14% of Broadcom worth $1,113,684,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in AVGO. Archer Investment Corp grew its stake in Broadcom by 17.2% during the 1st quarter. Archer Investment Corp now owns 17,717 shares of the semiconductor manufacturer's stock worth $2,966,000 after buying an additional 2,602 shares during the last quarter. Jackson Creek Investment Advisors LLC bought a new position in Broadcom during the 1st quarter worth $262,000. Migdal Insurance & Financial Holdings Ltd. grew its stake in Broadcom by 41.9% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 216,338 shares of the semiconductor manufacturer's stock worth $36,221,000 after buying an additional 63,924 shares during the last quarter. Ring Mountain Capital LLC grew its stake in Broadcom by 0.9% during the 1st quarter. Ring Mountain Capital LLC now owns 17,605 shares of the semiconductor manufacturer's stock worth $2,948,000 after buying an additional 151 shares during the last quarter. Finally, Gradient Capital Advisors LLC grew its stake in Broadcom by 3.6% during the 1st quarter. Gradient Capital Advisors LLC now owns 9,700 shares of the semiconductor manufacturer's stock worth $1,624,000 after buying an additional 340 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Down 1.1%

Shares of NASDAQ AVGO traded down $3.11 during mid-day trading on Friday, hitting $283.34. 15,006,524 shares of the company traded hands, compared to its average volume of 27,811,473. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28. The stock has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.12, a PEG ratio of 2.04 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average of $254.41 and a two-hundred day moving average of $220.33.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $10.96 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Oppenheimer upped their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday. JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Finally, Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus target price 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.