OVERSEA CHINESE BANKING Corp Ltd Purchases 739,224 Shares of Broadcom Inc. (NASDAQ:AVGO)

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 412.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 918,666 shares of the semiconductor manufacturer's stock after acquiring an additional 739,224 shares during the quarter. Broadcom makes up approximately 0.7% of OVERSEA CHINESE BANKING Corp Ltd's portfolio, making the stock its 29th largest position. OVERSEA CHINESE BANKING Corp Ltd's holdings in Broadcom were worth $153,812,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVGO. SBI Securities Co. Ltd. grew its position in Broadcom by 11.8% during the first quarter. SBI Securities Co. Ltd. now owns 60,884 shares of the semiconductor manufacturer's stock valued at $10,194,000 after buying an additional 6,424 shares during the period. Apollon Financial LLC grew its position in Broadcom by 0.7% during the first quarter. Apollon Financial LLC now owns 19,858 shares of the semiconductor manufacturer's stock valued at $3,325,000 after buying an additional 131 shares during the period. Apollon Wealth Management LLC grew its position in Broadcom by 23.3% during the first quarter. Apollon Wealth Management LLC now owns 259,033 shares of the semiconductor manufacturer's stock valued at $43,370,000 after buying an additional 49,007 shares during the period. Bogart Wealth LLC grew its position in Broadcom by 75.7% during the first quarter. Bogart Wealth LLC now owns 76,566 shares of the semiconductor manufacturer's stock valued at $12,819,000 after buying an additional 32,986 shares during the period. Finally, Sigma Planning Corp grew its position in Broadcom by 22.7% during the first quarter. Sigma Planning Corp now owns 74,858 shares of the semiconductor manufacturer's stock valued at $12,533,000 after buying an additional 13,839 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

AVGO traded up $5.64 on Thursday, reaching $286.45. The company had a trading volume of 17,207,181 shares, compared to its average volume of 27,903,327. The business has a 50 day simple moving average of $252.91 and a 200 day simple moving average of $219.98. The company has a market cap of $1.35 trillion, a price-to-earnings ratio of 107.28, a P/E/G ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. KeyCorp increased their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Rosenblatt Securities increased their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Mizuho upped their price objective on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $292.08.

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.