Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by E Fund Management Co. Ltd.

Key Points

• E Fund Management Co. Ltd. increased its ownership of Broadcom by 7.2%, acquiring an additional 15,194 shares to hold a total of 225,309 shares, valued at approximately $37.7 million.
• Broadcom's stock currently has a consensus rating of "Buy" among analysts, with a price target increase by firms such as Citigroup and JPMorgan Chase & Co. to between $315.00 and $325.00.
• The company's recent earnings report showed a net margin of 22.64% and revenue growth of 20.2%, beating analysts' estimates with earnings of $1.58 per share.

E Fund Management Co. Ltd. lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,309 shares of the semiconductor manufacturer's stock after purchasing an additional 15,194 shares during the period. Broadcom comprises about 1.8% of E Fund Management Co. Ltd.'s holdings, making the stock its 11th largest holding. E Fund Management Co. Ltd.'s holdings in Broadcom were worth $37,723,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Brighton Jones LLC raised its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE increased its position in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $602,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO stock traded up $2.74 on Thursday, reaching $311.83. The company had a trading volume of 3,051,549 shares, compared to its average volume of 26,164,139. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company's fifty day moving average is $276.06 and its 200 day moving average is $228.20. The company has a market cap of $1.47 trillion, a P/E ratio of 116.76, a PEG ratio of 2.22 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.96 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share 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 issued a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is 88.39%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. Oppenheimer lifted their target price on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, Morgan Stanley set a $338.00 target price on Broadcom and gave the company an "overweight" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $295.96.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock worth $217,040,489 in the last three months. 2.00% of the stock is currently owned by insiders.

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.