Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,687,767 shares of the semiconductor manufacturer's stock after purchasing an additional 416,994 shares during the period. Broadcom comprises approximately 1.4% of Sumitomo Mitsui Trust Group Inc.'s investment portfolio, making the stock its 9th largest position. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Broadcom worth $1,956,883,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC lifted its stake in shares of 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 last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% during 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 in the last quarter. GQG Partners LLC grew its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 811,716 shares of company stock valued at $209,906,771 over the last ninety days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 0.3%

Shares of Broadcom stock opened at $269.35 on Friday. The stock's 50-day moving average is $229.43 and its 200 day moving average is $215.50. Broadcom Inc. has a one year low of $128.50 and a one year high of $271.85. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

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 analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $10.96 EPS. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Morgan Stanley upped their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $281.25.

Broadcom 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.

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