Broadcom Inc. (NASDAQ:AVGO) Stock Position Raised by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,561,180 shares of the semiconductor manufacturer's stock after purchasing an additional 37,700 shares during the quarter. Broadcom comprises approximately 1.3% of KLP Kapitalforvaltning AS's portfolio, making the stock its 9th biggest position. KLP Kapitalforvaltning AS's holdings in Broadcom were worth $261,388,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Alecta Tjanstepension Omsesidigt grew its holdings in Broadcom by 49.1% in the first quarter. Alecta Tjanstepension Omsesidigt now owns 1,548,000 shares of the semiconductor manufacturer's stock valued at $259,182,000 after purchasing an additional 510,000 shares during the last quarter. Financial Partners Group Inc grew its holdings in Broadcom by 11.9% in the first quarter. Financial Partners Group Inc now owns 1,300 shares of the semiconductor manufacturer's stock valued at $218,000 after purchasing an additional 138 shares during the last quarter. United Bank grew its holdings in Broadcom by 76.5% in the first quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after purchasing an additional 1,014 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Broadcom by 11.5% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 51,932 shares of the semiconductor manufacturer's stock worth $8,695,000 after purchasing an additional 5,371 shares in the last quarter. Finally, Choreo LLC increased its position in Broadcom by 6.8% during the 1st quarter. Choreo LLC now owns 148,645 shares of the semiconductor manufacturer's stock worth $24,900,000 after purchasing an additional 9,477 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Morgan Stanley boosted their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Rosenblatt Securities boosted 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. The Goldman Sachs Group started coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price target for the company. KeyCorp boosted their price target on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $292.08.

Broadcom Stock Performance

NASDAQ:AVGO traded down $9.62 on Tuesday, hitting $278.59. The company's stock had a trading volume of 16,488,652 shares, compared to its average volume of 27,729,317. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a fifty day moving average of $254.41 and a two-hundred day moving average of $220.17. The firm has a market capitalization of $1.31 trillion, a P/E ratio of 104.34, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $290.54.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 over the last 90 days. 2.00% of the stock is owned by company insiders.

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.