QRG Capital Management Inc. Has $242.98 Million Position in Broadcom Inc. $AVGO

Key Points

• QRG Capital Management increased its Broadcom stake by 11% in the first quarter, buying 77,688 more shares and bringing its holding to 785,055 shares worth about $242.98 million. Broadcom is now QRG’s 6th-largest position and makes up 2.5% of its portfolio.
• Broadcom continues to attract strong institutional and analyst support: 76.43% of the stock is owned by institutions, and Wall Street’s consensus rating remains Moderate Buy with a target price of $493.24. Several firms recently raised price targets, including JPMorgan to $580 and KeyCorp to $575.
• The company posted better-than-expected quarterly results, with EPS of $2.44 on revenue of $22.19 billion, up 47.9% year over year. Broadcom also paid a quarterly dividend of $0.65 per share, or $2.60 annually, yielding about 0.7%.

QRG Capital Management Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 785,055 shares of the semiconductor manufacturer's stock after purchasing an additional 77,688 shares during the quarter. Broadcom comprises 2.5% of QRG Capital Management Inc.'s investment portfolio, making the stock its 6th biggest position. QRG Capital Management Inc.'s holdings in Broadcom were worth $242,982,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Lafayette Investments Inc. increased its holdings in Broadcom by 2.1% in the 1st quarter. Lafayette Investments Inc. now owns 6,404 shares of the semiconductor manufacturer's stock valued at $1,982,000 after buying an additional 130 shares during the period. Burford Brothers Inc. lifted its holdings in shares of Broadcom by 13.5% during the 1st quarter. Burford Brothers Inc. now owns 1,462 shares of the semiconductor manufacturer's stock worth $453,000 after acquiring an additional 174 shares during the period. Apeiron RIA LLC boosted its position in shares of Broadcom by 1.2% during the 1st quarter. Apeiron RIA LLC now owns 6,697 shares of the semiconductor manufacturer's stock worth $2,073,000 after acquiring an additional 81 shares in the last quarter. Arcadia Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $861,000. Finally, Integrity Wealth Partners LLC bought a new position in Broadcom in the first quarter valued at approximately $238,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, insider S. Ram Velaga sold 8,000 shares of Broadcom stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the transaction, the insider owned 57,932 shares of the company's stock, valued at $21,464,964.64. This trade represents a 12.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 1,602 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director directly owned 17,426 shares of the company's stock, valued at $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,754 shares of company stock valued at $6,739,006 in the last three months. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVGO shares. JPMorgan Chase & Co. upped their target price on Broadcom from $500.00 to $580.00 and gave the stock an "overweight" rating in a research note on Thursday, June 4th. Mizuho boosted their price target on Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a report on Thursday, June 4th. Truist Financial upped their price objective on Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Morgan Stanley set a $502.00 price objective on Broadcom and gave the company an "overweight" rating in a research note on Thursday, June 4th. Finally, KeyCorp reissued an "overweight" rating and set a $575.00 target price (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

Broadcom Price Performance

AVGO stock opened at $388.69 on Thursday. The company has a market capitalization of $1.85 trillion, a P/E ratio of 64.78, a PEG ratio of 0.65 and a beta of 1.45. The company has a fifty day moving average price of $405.37 and a 200-day moving average price of $363.44. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a 52-week low of $269.58 and a 52-week high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping the consensus estimate of $2.40 by $0.04. The company had revenue of $22.19 billion during the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company's quarterly revenue was up 47.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.58 EPS. As a group, equities analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, June 22nd. Broadcom's dividend payout ratio (DPR) is presently 43.33%.

Trending Headlines about Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Apple expanded its Broadcom relationship with a $30 billion-plus chipmaking commitment, which should provide Broadcom with long-term revenue visibility and support for its AI/custom silicon growth story. Reuters: Apple to spend $30 billion in Broadcom chips deal that will see Colorado factory expand
• Positive Sentiment: Apple’s deal is being framed as a major U.S. manufacturing win and one of Broadcom’s biggest customer commitments, which could lift sentiment around AVGO’s AI infrastructure opportunity. TechCrunch: Apple to produce Made in America wireless chips with Broadcom
• Positive Sentiment: Investor attention is also being fueled by bullish coverage highlighting Broadcom as a top stock pick and an increasingly attractive AI semiconductor name after recent pullbacks. Insider Monkey: Top 5 Stocks to Buy According to Whale Rock Capital Management
• Neutral Sentiment: Some commentary says Broadcom had already pulled back from recent highs, with UBS arguing semiconductor valuations may now offer a more attractive entry point, but this is more valuation commentary than a fresh catalyst. Benzinga: Micron, Broadcom Just Got 25% Cheaper
• Negative Sentiment: One analyst reportedly downgraded Broadcom, suggesting not all views are uniformly bullish despite the Apple deal. Yahoo Finance: This Analyst Just Downgraded Broadcom Stock

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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