Stonebridge Financial Group LLC MO acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,104 shares of the semiconductor manufacturer’s stock, valued at approximately $1,766,000. Broadcom makes up 1.5% of Stonebridge Financial Group LLC MO’s investment portfolio, making the stock its 15th largest holding.
A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Arrowstreet Capital Limited Partnership raised its stake in shares of Broadcom by 499.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock worth $1,858,789,000 after purchasing an additional 4,694,313 shares in the last quarter. Vanguard Group Inc. raised its stake in Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after acquiring an additional 3,919,715 shares during the period. Nordea Investment Management AB raised its stake in Broadcom by 47.5% in the 4th quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer’s stock valued at $3,406,211,000 after acquiring an additional 3,160,586 shares during the period. Danske Bank A S bought a new stake in Broadcom in the 3rd quarter valued at $987,488,000. Finally, PFA Pension Forsikringsaktieselskab bought a new stake in Broadcom in the 4th quarter valued at $924,858,000. Institutional investors own 76.43% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Zacks Research upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. Bank of America dropped their price target on Broadcom from $500.00 to $450.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Benchmark restated a “buy” rating and issued a $485.00 price target on shares of Broadcom in a research note on Thursday, March 5th. TD Cowen restated a “buy” rating and issued a $500.00 price target (up from $405.00) on shares of Broadcom in a research note on Friday. Finally, Morgan Stanley increased their price target on Broadcom from $462.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday, March 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $442.13.
Insider Buying and Selling at Broadcom
In related news, insider Mark David Brazeal sold 50,488 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the transaction, the insider directly owned 278,141 shares of the company’s stock, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider S. Ram Velaga sold 38,841 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $12,491,265.60. Following the transaction, the insider directly owned 96,147 shares in the company, valued at approximately $30,920,875.20. This represents a 28.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 in the last three months. 1.90% of the stock is owned by insiders.
Broadcom Trading Down 1.1%
AVGO stock opened at $420.71 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. The company’s 50-day simple moving average is $367.36 and its 200 day simple moving average is $354.90. Broadcom Inc. has a 52 week low of $221.60 and a 52 week high of $442.36. The company has a market capitalization of $1.99 trillion, a PE ratio of 82.17, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same period last year, the firm earned $1.60 earnings per share. Broadcom’s revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom’s dividend payout ratio (DPR) is currently 50.78%.
Broadcom Company Profile
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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