SBI Securities Co. Ltd. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

SBI Securities Co. Ltd. increased its position in Broadcom Inc. (NASDAQ:AVGO) by 11.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 60,884 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,424 shares during the period. SBI Securities Co. Ltd.’s holdings in Broadcom were worth $10,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in AVGO. Norges Bank purchased a new stake in Broadcom during the 4th quarter valued at approximately $16,893,010,000. GAMMA Investing LLC raised its stake in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

NASDAQ AVGO opened at $274.38 on Monday. The stock has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The business’s fifty day moving average is $246.70 and its two-hundred day moving average is $218.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,916 shares of company stock worth $216,785,761. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on Broadcom in a research report on Thursday. They set a “buy” rating and a $315.00 target price on the stock. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. KeyCorp upped their price target on Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $290.21.

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.