iA Global Asset Management Inc. Has $114.31 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• iA Global Asset Management Inc. reduced its stake in Broadcom Inc. by 16.4% during Q1, now holding $114.31 million worth of shares, making up about 2.0% of its portfolio.
• Multiple hedge funds increased their positions in Broadcom, with Brighton Jones LLC raising its stake by 21.8% and Bank Pictet & Cie Europe AG by 16.4% during the latest quarter.
• Broadcom's shares recently traded at $297.72, and the company announced a quarterly dividend of $0.59 per share, with a strong revenue growth of 20.2% year over year.

iA Global Asset Management Inc. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 682,726 shares of the semiconductor manufacturer's stock after selling 133,483 shares during the quarter. Broadcom makes up approximately 2.0% of iA Global Asset Management Inc.'s portfolio, making the stock its 13th biggest position. iA Global Asset Management Inc.'s holdings in Broadcom were worth $114,309,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Brighton Jones LLC raised its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC increased its stake in shares of Broadcom by 10.4% in the fourth 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 during the period. Bank Pictet & Cie Europe AG raised 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 acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its stake in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new stake in Broadcom in the fourth quarter valued at approximately $727,000. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Susquehanna boosted their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $294.92.

Broadcom Stock Up 3.1%

Shares of NASDAQ AVGO opened at $297.72 on Tuesday. 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 company has a market cap of $1.40 trillion, a P/E ratio of 111.51, a P/E/G ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $306.95. The business has a 50-day simple moving average of $267.94 and a two-hundred day simple moving average of $224.92.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $10.96 earnings per share. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last 90 days. Insiders own 2.00% of the company's stock.

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.

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