Johnson Financial Group LLC Purchases Shares of 1,618 Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Johnson Financial Group LLC has acquired 1,618 shares of Broadcom Inc., investing approximately $271,000 in the semiconductor manufacturer during the 1st quarter of the year.
• Broadcom reported a 20.2% year-over-year revenue growth, with a quarterly revenue of $15 billion and an earnings per share (EPS) of $1.58, surpassing analysts' expectations.
• The company recently declared a $0.59 quarterly dividend, resulting in an annualized yield of 0.8%, with a dividend payout ratio of 88.39%.

Johnson Financial Group LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,618 shares of the semiconductor manufacturer's stock, valued at approximately $271,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after acquiring an additional 2,085,534 shares in the last quarter. Northern Trust Corp lifted its stake 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 lifted its stake in shares of Broadcom by 46.9% in 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 acquiring an additional 15,171,849 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Broadcom by 1.7% during the fourth 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 buying an additional 581,704 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Broadcom by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,852,310 shares of the semiconductor manufacturer's stock valued at $5,668,134,000 after buying an additional 1,043,948 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

AVGO opened at $304.97 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $310.34. The company has a fifty day simple moving average of $272.87 and a 200 day simple moving average of $226.82. The stock has a market cap of $1.43 trillion, a P/E ratio of 114.22, a P/E/G ratio of 2.16 and a beta of 1.15.

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 business had revenue of $15 billion during the quarter, compared to analysts' expectations 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 company earned $10.96 EPS. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. KeyCorp upped their price objective on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a research report on Saturday. The Goldman Sachs Group started coverage on Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target on the stock. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Citigroup increased their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $294.92.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares in the company, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last three months. Insiders own 2.00% of the company's stock.

Broadcom Company 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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