Sumitomo Mitsui DS Asset Management Company Ltd Acquires 48,557 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 692,757 shares of the semiconductor manufacturer's stock after purchasing an additional 48,557 shares during the quarter. Broadcom comprises about 1.2% of Sumitomo Mitsui DS Asset Management Company Ltd's portfolio, making the stock its 12th biggest position. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Broadcom were worth $115,988,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC grew its position in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank bought a new stake in Broadcom during the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp raised its holdings in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated 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 directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 in the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of Broadcom stock traded up $4.80 on Thursday, reaching $274.70. 5,899,946 shares of the stock were exchanged, compared to its average volume of 28,669,734. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business has a fifty day moving average price of $235.38 and a two-hundred day moving average price of $216.81. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The firm has a market capitalization of $1.29 trillion, a PE ratio of 102.90, a PEG ratio of 1.88 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Analysts Set New Price Targets

Several research firms recently weighed in on AVGO. Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Barclays boosted their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and an average target price of $281.46.

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.