Zurcher Kantonalbank Zurich Cantonalbank Buys 119,597 Shares of Broadcom Inc. (NASDAQ:AVGO)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 109.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 229,312 shares of the semiconductor manufacturer’s stock after buying an additional 119,597 shares during the period. Broadcom accounts for about 1.0% of Zurcher Kantonalbank Zurich Cantonalbank’s portfolio, making the stock its 15th largest holding. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Broadcom were worth $255,970,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. BetterWealth LLC increased its position in Broadcom by 1.5% in the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after acquiring an additional 9 shares during the period. Rise Advisors LLC increased its position in Broadcom by 33.3% in the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after acquiring an additional 10 shares during the period. CX Institutional increased its position in Broadcom by 0.8% in the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock valued at $1,439,000 after acquiring an additional 10 shares during the period. Cascade Investment Group Inc. increased its position in Broadcom by 1.7% in the 4th quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $680,000 after acquiring an additional 10 shares during the period. Finally, Sabal Trust CO increased its position in shares of Broadcom by 1.6% during the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock worth $714,000 after buying an additional 10 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on AVGO shares. The Goldman Sachs Group reiterated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,281.09.

Broadcom Stock Performance

Shares of AVGO traded up $18.37 during trading hours on Tuesday, hitting $1,329.06. The company’s stock had a trading volume of 1,843,620 shares, compared to its average volume of 2,960,455. The business has a 50 day simple moving average of $1,304.36 and a two-hundred day simple moving average of $1,110.50. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The company has a market cap of $615.91 billion, a price-to-earnings ratio of 48.76, a PEG ratio of 2.74 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the business earned $9.83 earnings per share. Broadcom’s revenue was up 34.2% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 35.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.58%. Broadcom’s payout ratio is 77.84%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the transaction, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Company 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.