Harel Insurance Investments & Financial Services Ltd. increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 103.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,788 shares of the semiconductor manufacturer's stock after purchasing an additional 82,206 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in Broadcom were worth $27,153,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Brighton Jones LLC boosted its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its position in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE lifted its holdings in shares of Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after acquiring an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its position in Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after acquiring an additional 6,168 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Insider Activity
In related news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 854,716 shares of company stock worth $221,433,761. Company insiders own 2.00% of the company's stock.
Broadcom Stock Up 1.8%
Broadcom stock traded up $4.97 during trading hours on Friday, reaching $274.87. The stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The business's 50 day moving average price is $238.77 and its 200-day moving average price is $217.17. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. 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 data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business posted $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom announced that its Board of Directors has approved a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.
Analyst Ratings Changes
Several analysts recently weighed in on AVGO shares. Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Susquehanna upped their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $281.46.
Check Out Our Latest Analysis on Broadcom
About Broadcom
(
Free Report)
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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