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LGT Fund Management Co Ltd. Purchases 12,438 Shares of Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • LGT Fund Management Co Ltd. increased its stake in Broadcom Inc. by 11.7%, holding 118,565 shares valued at approximately $19.85 million, making it the 12th largest holding in their portfolio.
  • Multiple other large investors also added to their positions in Broadcom during Q4, including Brighton Jones LLC and Bank Pictet & Cie Europe AG, indicating strong institutional interest in the stock.
  • Broadcom reported a quarterly earnings per share of $1.58, exceeding expectations, while analysts have set an average price target of $294.92, reflecting a consensus rating of "Buy" for the stock.
  • Looking to export and analyze Broadcom data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

LGT Fund Management Co Ltd. grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 118,565 shares of the semiconductor manufacturer's stock after purchasing an additional 12,438 shares during the period. Broadcom comprises about 1.8% of LGT Fund Management Co Ltd.'s portfolio, making the stock its 12th largest position. LGT Fund Management Co Ltd.'s holdings in Broadcom were worth $19,851,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at $30,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at about $26,000. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on 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 directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. KeyCorp raised their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Rosenblatt Securities lifted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Morgan Stanley set a $338.00 target price on shares of Broadcom and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Finally, Susquehanna raised their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Two equities 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, Broadcom presently has an average rating of "Buy" and a consensus price target of $294.92.

View Our Latest Stock Analysis on Broadcom

Broadcom Stock Performance

Broadcom stock traded up $8.93 during mid-day trading on Tuesday, hitting $312.83. 17,604,553 shares of the company's stock traded hands, compared to its average volume of 16,984,464. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a 50 day simple moving average of $275.10 and a two-hundred day simple moving average of $227.64. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $313.44. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 117.16, a P/E/G ratio of 2.16 and a beta of 1.15.

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

Broadcom Dividend Announcement

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

Broadcom Profile

(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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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