M&G PLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 12.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,812,692 shares of the semiconductor manufacturer’s stock after acquiring an additional 206,349 shares during the quarter. Broadcom makes up about 3.2% of M&G PLC’s investment portfolio, making the stock its 5th largest position. M&G PLC’s holdings in Broadcom were worth $636,255,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Legal & General Group Plc purchased a new stake in shares of Broadcom in the second quarter valued at about $11,998,148,000. Bank of New York Mellon Corp acquired a new stake in Broadcom during the second quarter worth about $10,528,191,000. Jupiter Topco LLC purchased a new position in Broadcom during the second quarter worth about $7,396,271,000. State Street Corp raised its stake in Broadcom by 8.7% during the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock worth $75,367,711,000 after purchasing an additional 16,651,378 shares during the period. Finally, Deutsche Bank AG purchased a new position in Broadcom during the second quarter worth about $5,661,216,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Broadcom Stock Up 4.0%
Shares of AVGO opened at $345.22 on Thursday. The firm has a market cap of $1.65 trillion, a P/E ratio of 44.09 and a beta of 1.49. Broadcom Inc. has a 12-month low of $289.77 and a 12-month high of $495.00. The company’s 50-day moving average price is $345.65 and its 200 day moving average price is $366.28. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. The company had revenue of $29.59 billion for the quarter, compared to analysts’ expectations of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. Broadcom’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.69 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 10.37 earnings per share for the current year.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom’s payout ratio is 33.21%.
Analysts Set New Price Targets
Several research firms have weighed in on AVGO. Arete Research boosted their target price on shares of Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Evercore set a $578.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a report on Thursday, September 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $600.00 price target on shares of Broadcom in a research report on Tuesday, October 27th. DA Davidson upgraded Broadcom from a “neutral” rating to a “buy” rating and upped their price objective for the company from $350.00 to $400.00 in a report on Tuesday, October 27th. Finally, HSBC lowered their price objective on Broadcom from $600.00 to $560.00 and set a “buy” rating for the company in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $530.52.
Read Our Latest Report on Broadcom
Top Broadcom Stories
Investors following AVGO have been watching these stories:
- Positive Sentiment: Broadcom shares rose more than 3% in extended trading as turmoil around Nvidia’s CEO sent investors toward rival chipmakers, including Broadcom. Nvidia Stock Sinks as Jensen Huang Ouster Report Sends Investors Toward AMD, Broadcom
- Neutral Sentiment: Some commentary views Broadcom as a potential beneficiary of continued AI investment, while noting that its shares have retreated from earlier highs. Am I Buying the Dip in Broadcom Stock?
- Negative Sentiment: Risks include Broadcom’s valuation and the possibility that debt-financed AI infrastructure spending could expose the company to credit risk if demand or customer finances weaken. Broadcom: A Great TPU Business With a New Kind of Credit Risk Attached
About Broadcom
Broadcom Inc. is a global technology company that designs and supplies semiconductor products and infrastructure software. Its semiconductor portfolio includes chips and components used in networking, broadband communications, wireless connectivity, data storage, and industrial applications. The company serves businesses across a range of industries, including communications, enterprise technology, and consumer electronics. Broadcom also provides infrastructure software, including products for virtualization, cloud computing, cybersecurity, and enterprise operations.
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