Advisor Group Inc. boosted its stake in Broadcom Limited (NASDAQ:AVGO) by 15.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,129 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,204 shares during the quarter. Advisor Group Inc.’s holdings in Broadcom were worth $6,200,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in Broadcom by 2.1% in the fourth quarter. BlackRock Inc. now owns 24,924,233 shares of the semiconductor manufacturer’s stock valued at $6,403,033,000 after buying an additional 508,470 shares during the period. Jennison Associates LLC lifted its stake in Broadcom by 8.1% in the fourth quarter. Jennison Associates LLC now owns 5,583,858 shares of the semiconductor manufacturer’s stock valued at $1,434,493,000 after buying an additional 418,420 shares during the period. Bank of New York Mellon Corp lifted its stake in Broadcom by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 5,309,909 shares of the semiconductor manufacturer’s stock valued at $1,287,864,000 after buying an additional 36,356 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 3.4% in the fourth quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock valued at $1,061,670,000 after buying an additional 135,437 shares during the period. Finally, Coatue Management LLC lifted its stake in Broadcom by 28.2% in the fourth quarter. Coatue Management LLC now owns 3,735,957 shares of the semiconductor manufacturer’s stock valued at $959,768,000 after buying an additional 821,739 shares during the period. Hedge funds and other institutional investors own 89.47% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Canaccord Genuity upped their target price on Broadcom from $100.00 to $325.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Drexel Hamilton reaffirmed a “buy” rating and set a $302.00 target price on shares of Broadcom in a research report on Thursday, December 7th. Zacks Investment Research lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Friday, February 16th. Craig Hallum reissued a “buy” rating and issued a $330.00 price target (up from $290.00) on shares of Broadcom in a research report on Thursday, December 7th. Finally, Vetr raised Broadcom from a “buy” rating to a “strong-buy” rating and set a $295.91 price target for the company in a research report on Monday, December 25th. Five analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Broadcom has an average rating of “Buy” and a consensus target price of $311.39.
Shares of NASDAQ:AVGO traded down $7.97 on Monday, hitting $227.68. The company’s stock had a trading volume of 5,241,427 shares, compared to its average volume of 4,135,104. Broadcom Limited has a 1 year low of $208.44 and a 1 year high of $285.68. The stock has a market cap of $96,793.71, a P/E ratio of 15.92, a PEG ratio of 1.07 and a beta of 0.92. The company has a quick ratio of 5.04, a current ratio of 5.70 and a debt-to-equity ratio of 0.60.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 15th. The semiconductor manufacturer reported $5.12 earnings per share for the quarter, beating the consensus estimate of $4.41 by $0.71. Broadcom had a return on equity of 29.50% and a net margin of 41.37%. The firm had revenue of $5.33 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the firm posted $3.63 EPS. The company’s revenue was up 28.5% compared to the same quarter last year. equities research analysts expect that Broadcom Limited will post 17.43 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 29th. Investors of record on Thursday, March 22nd were issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 3.07%. This is a boost from Broadcom’s previous quarterly dividend of $0.40. The ex-dividend date was Wednesday, March 21st. Broadcom’s dividend payout ratio (DPR) is currently 48.95%.
In related news, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $247.72, for a total transaction of $4,954,400.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Bryan Ingram sold 9,396 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The shares were sold at an average price of $259.81, for a total value of $2,441,174.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 98,675 shares of company stock worth $25,376,429. 3.30% of the stock is currently owned by insiders.
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Broadcom Company Profile
Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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