Senator Investment Group LP Buys Shares of 177,737 Broadcom Inc. $AVGO

Key Points

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Senator Investment Group LP bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 177,737 shares of the semiconductor manufacturer's stock, valued at approximately $29,759,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. GSG Advisors LLC boosted its position in shares of Broadcom by 19.4% during the first quarter. GSG Advisors LLC now owns 4,839 shares of the semiconductor manufacturer's stock worth $896,000 after buying an additional 786 shares during the period. M Holdings Securities Inc. boosted its position in shares of Broadcom by 13.6% during the first quarter. M Holdings Securities Inc. now owns 16,138 shares of the semiconductor manufacturer's stock worth $2,702,000 after buying an additional 1,934 shares during the period. Quantbot Technologies LP boosted its position in shares of Broadcom by 80.1% during the first quarter. Quantbot Technologies LP now owns 42,728 shares of the semiconductor manufacturer's stock worth $7,154,000 after buying an additional 19,008 shares during the period. Korea Investment CORP boosted its position in shares of Broadcom by 4.4% during the first quarter. Korea Investment CORP now owns 3,540,402 shares of the semiconductor manufacturer's stock worth $592,770,000 after buying an additional 148,773 shares during the period. Finally, Sand Hill Global Advisors LLC boosted its position in shares of Broadcom by 1,089.4% during the first quarter. Sand Hill Global Advisors LLC now owns 37,466 shares of the semiconductor manufacturer's stock worth $6,273,000 after buying an additional 34,316 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,286,457. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $305.76 on Tuesday. The firm has a market cap of $1.44 trillion, a P/E ratio of 114.52, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The business's 50 day moving average is $279.50 and its 200-day moving average is $230.48.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $295.96.

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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