Randolph Co Inc decreased its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 18.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 295,970 shares of the semiconductor manufacturer’s stock after selling 67,877 shares during the quarter. Broadcom accounts for approximately 9.8% of Randolph Co Inc’s holdings, making the stock its largest holding. Randolph Co Inc’s holdings in Broadcom were worth $102,435,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Norges Bank acquired a new stake in shares of Broadcom in the 4th quarter valued at about $24,252,196,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after purchasing an additional 4,694,313 shares during the period. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 3,919,715 shares during the period. Nordea Investment Management AB raised its stake in shares of 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 purchasing an additional 3,160,586 shares during the period. Finally, Danske Bank A S acquired a new stake in shares of Broadcom in the 3rd quarter valued at about $987,488,000. Institutional investors and hedge funds own 76.43% of the company’s stock.
Broadcom Price Performance
Shares of NASDAQ AVGO opened at $396.60 on Tuesday. Broadcom Inc. has a twelve month low of $241.11 and a twelve month high of $495.00. The company has a market cap of $1.88 trillion, a PE ratio of 66.10, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41. The business’s 50 day moving average price is $397.96 and its two-hundred day moving average price is $362.43. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, June 22nd. Broadcom’s payout ratio is currently 43.33%.
Wall Street Analyst Weigh In
Several research firms have issued reports on AVGO. DA Davidson lifted their price target on Broadcom from $375.00 to $400.00 and gave the company a “neutral” rating in a research note on Thursday, June 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $525.00 price target on shares of Broadcom in a research note on Thursday, June 4th. UBS Group set a $485.00 price target on Broadcom and gave the company a “buy” rating in a research note on Thursday. TD Cowen reissued a “buy” rating and issued a $500.00 price target on shares of Broadcom in a research note on Thursday, June 4th. Finally, Bank of America lifted their target price on Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $490.13.
Check Out Our Latest Stock Report on Broadcom
Key Stories Impacting Broadcom
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
- Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
- Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?
Insider Activity at Broadcom
In other news, insider S. Ram Velaga sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the completion of the sale, the insider owned 57,932 shares in the company, valued at $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 2,018 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total value of $712,354.00. Following the sale, the director owned 18,164 shares of the company’s stock, valued at approximately $6,411,892. This represents a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 324,282 shares of company stock valued at $106,425,249. Insiders own 1.90% of the company’s stock.
About Broadcom
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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