Broadcom Inc. $AVGO Shares Acquired by Korea Investment CORP

Korea Investment CORP grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.4% in the first quarter, Holdings Channel.com reports. The institutional investor owned 3,540,402 shares of the semiconductor manufacturer’s stock after buying an additional 148,773 shares during the quarter. Broadcom makes up 1.4% of Korea Investment CORP’s holdings, making the stock its 9th biggest holding. Korea Investment CORP’s holdings in Broadcom were worth $592,770,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. PARUS FINANCE UK Ltd grew its holdings in shares of Broadcom by 175.3% in the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer’s stock valued at $16,840,000 after purchasing an additional 64,038 shares during the period. Nebula Research & Development LLC grew its holdings in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after purchasing an additional 14,399 shares during the period. Keener Financial Planning LLC grew its holdings in shares of Broadcom by 34.8% in the first quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer’s stock valued at $149,000 after purchasing an additional 230 shares during the period. Finally, Diversify Wealth Management LLC boosted its stake in Broadcom by 5.6% during the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer’s stock worth $6,365,000 after buying an additional 2,016 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 1.6%

Shares of NASDAQ:AVGO opened at $306.34 on Monday. The firm’s 50 day moving average price is $278.27 and its 200 day moving average price is $229.89. The stock has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,286,457 over the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. Wall Street Zen raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Sunday. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Citigroup increased their target price on shares of Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Finally, Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $295.96.

About Broadcom

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.