EFG Asset Management Americas Corp. Has $8.11 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• EFG Asset Management Americas Corp. increased its stake in Broadcom Inc. by 138.5% in the first quarter, bringing its total holdings to approximately $8.11 million.
• CEO Hock E. Tan sold 117,758 shares of Broadcom stock, totaling nearly $29.8 million, reducing his ownership by 10.40%.
• Broadcom declared a quarterly dividend of $0.59 per share, translating to an annual yield of 0.78% and a dividend payout ratio of 88.39%.

EFG Asset Management Americas Corp. raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 138.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 48,428 shares of the semiconductor manufacturer's stock after acquiring an additional 28,121 shares during the period. Broadcom makes up 1.6% of EFG Asset Management Americas Corp.'s holdings, making the stock its 14th largest position. EFG Asset Management Americas Corp.'s holdings in Broadcom were worth $8,108,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. FMR LLC lifted its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Broadcom by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock valued at $7,975,616,000 after purchasing an additional 581,704 shares in the last quarter. Finally, GAMMA Investing LLC grew its position 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 purchasing an additional 17,181,652 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Morgan Stanley set a $338.00 target price on Broadcom and gave the company an "overweight" rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $294.92.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the sale, the director owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Broadcom stock traded down $4.42 during trading hours on Friday, reaching $289.28. 6,528,552 shares of the stock were exchanged, compared to its average volume of 26,767,639. 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 Inc. has a twelve month low of $128.50 and a twelve month high of $306.95. The company has a market cap of $1.36 trillion, a P/E ratio of 108.53, a price-to-earnings-growth ratio of 2.15 and a beta of 1.12. The stock has a 50 day moving average of $265.36 and a two-hundred day moving average of $224.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.96 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

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.