Rathbones Group PLC Has $334.47 Million Position in Broadcom Inc. $AVGO

Key Points

• Rathbones Group PLC increased its Broadcom stake by 44.8% in the fourth quarter, buying 298,993 shares and bringing its total to 966,391 shares worth about $334.47 million. Broadcom now makes up roughly 1.3% of Rathbones’ portfolio.
• Broadcom has continued to draw strong institutional interest, with 76.43% of shares owned by institutional investors and hedge funds. Several other firms also added new positions in the stock during the quarter.
• Analysts remain broadly positive on Broadcom, with an average “Moderate Buy” rating and a consensus price target of $448.10. The company also recently reported quarterly results that beat expectations on both earnings and revenue.

Rathbones Group PLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 44.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 966,391 shares of the semiconductor manufacturer's stock after buying an additional 298,993 shares during the period. Broadcom comprises about 1.3% of Rathbones Group PLC's investment portfolio, making the stock its 18th largest holding. Rathbones Group PLC's holdings in Broadcom were worth $334,468,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of AVGO. Miller Global Investments LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Broadcom during the fourth quarter worth about $33,000. Family CFO Inc acquired a new position in shares of Broadcom during the fourth quarter worth about $35,000. PayPay Securities Corp boosted its position in shares of Broadcom by 88.9% during the fourth quarter. PayPay Securities Corp now owns 119 shares of the semiconductor manufacturer's stock worth $41,000 after buying an additional 56 shares during the period. Finally, Camelot Portfolios LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $45,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider S. Ram Velaga sold 8,000 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the sale, the insider directly owned 57,932 shares of the company's stock, valued at $21,464,964.64. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Justine Page sold 2,018 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the completion of the sale, the director directly owned 18,164 shares of the company's stock, valued at approximately $6,411,892. The trade was a 10.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 324,282 shares of company stock valued at $106,425,249. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Benchmark reaffirmed a "buy" rating and set a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. Erste Group Bank cut Broadcom from a "buy" rating to a "hold" rating in a research report on Thursday, April 2nd. Citigroup reissued a "buy" rating and set a $500.00 price target (up from $475.00) on shares of Broadcom in a research report on Tuesday, May 12th. Rosenblatt Securities reissued a "buy" rating and set a $500.00 price target on shares of Broadcom in a research report on Tuesday, April 7th. Finally, Mizuho reissued an "outperform" rating and set a $480.00 price target on shares of Broadcom in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $448.10.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $414.14 on Tuesday. The stock has a 50 day moving average price of $374.86 and a 200 day moving average price of $356.49. Broadcom Inc. has a 52 week low of $226.18 and a 52 week high of $442.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. The stock has a market capitalization of $1.96 trillion, a PE ratio of 80.89, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business's quarterly revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.60 earnings per share. Analysts predict that Broadcom Inc. will post 9.91 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is presently 50.78%.

Broadcom Profile

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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