Russell Investments Group Ltd. Acquires 646,344 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Russell Investments Group Ltd. increased its stake in Broadcom Inc. by 21.3%, owning 3,678,210 shares valued at approximately $616.21 million, making it the 12th largest position in their portfolio.
• Broadcom's stock performance has shown significant growth, with a 12-month high of $310.34 and a market capitalization of $1.43 trillion as of the recent trading days.
• Analysts have set an average price target of $294.92 for Broadcom, with the majority of them giving a "buy" rating, indicating strong market confidence in the company's future performance.

Russell Investments Group Ltd. boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,678,210 shares of the semiconductor manufacturer's stock after buying an additional 646,344 shares during the period. Broadcom makes up approximately 0.8% of Russell Investments Group Ltd.'s holdings, making the stock its 12th biggest holding. Russell Investments Group Ltd. owned 0.08% of Broadcom worth $616,207,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVGO. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Mizuho increased their price target on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Finally, Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $294.92.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

AVGO stock traded up $8.93 during midday trading on Tuesday, reaching $312.83. 17,604,553 shares of the stock were exchanged, compared to its average volume of 16,984,464. The stock has a market capitalization of $1.47 trillion, a PE ratio of 117.16, a P/E/G ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $313.44. 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 company has a fifty day moving average price of $275.10 and a 200 day moving average price of $227.64.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given 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 yield of 0.8%. Broadcom's payout ratio is currently 88.39%.

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.