TD Private Client Wealth LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

TD Private Client Wealth LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 62,575 shares of the semiconductor manufacturer's stock after buying an additional 3,215 shares during the quarter. TD Private Client Wealth LLC's holdings in Broadcom were worth $10,477,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Norges Bank purchased a new position in Broadcom during the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC lifted its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its stake in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Morgan Stanley raised their target price on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Finally, Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $281.46.

Broadcom Trading Up 1.8%

AVGO opened at $274.87 on Monday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. 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 business has a fifty day moving average price of $238.77 and a 200 day moving average price of $217.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated 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 completion of the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last three months. Company insiders own 2.00% of the company's stock.

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.

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