Menora Mivtachim Holdings LTD. Acquires 610,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Menora Mivtachim Holdings LTD. increased its stake in Broadcom Inc. by 78.3%, acquiring an additional 610,000 shares, bringing its total to approximately 1.39 million shares, valued at $232.57 million.
• Insiders, including CEO Hock E. Tan, have sold a total of 830,516 shares of Broadcom stock in recent months, indicating a 10.4% reduction in the CEO's holdings.
• Brokerage firms have shown a positive outlook on Broadcom, with Susquehanna raising the price target to $300 and a consensus "Buy" rating from 26 analysts.

Menora Mivtachim Holdings LTD. increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 78.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,389,074 shares of the semiconductor manufacturer's stock after buying an additional 610,000 shares during the quarter. Broadcom accounts for about 1.5% of Menora Mivtachim Holdings LTD.'s holdings, making the stock its 22nd biggest holding. Menora Mivtachim Holdings LTD.'s holdings in Broadcom were worth $232,573,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. True Wealth Design LLC raised its position in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares during the last quarter. Fulton Breakefield Broenniman LLC increased its holdings in Broadcom by 2.4% in the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares in the last quarter. American Financial Advisors LLC increased its holdings in Broadcom by 3.8% in the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after purchasing an additional 52 shares in the last quarter. GS Investments Inc. increased its holdings in Broadcom by 0.5% in the first quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after purchasing an additional 52 shares in the last quarter. Finally, FCA Corp TX increased its holdings in Broadcom by 0.5% in the first quarter. FCA Corp TX now owns 10,846 shares of the semiconductor manufacturer's stock worth $1,816,000 after purchasing an additional 54 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,286,457 over the last quarter. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVGO. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Evercore ISI restated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $295.96.

Broadcom Trading Down 1.6%

AVGO opened at $306.34 on Friday. The stock has a market cap of $1.44 trillion, a PE ratio of 114.73, a PEG ratio of 2.21 and a beta of 1.15. 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 business has a 50 day moving average of $278.27 and a 200-day moving average of $229.63. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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 analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 EPS. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom 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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