Quantbot Technologies LP Buys 19,008 Shares of Broadcom Inc. $AVGO

Quantbot Technologies LP boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 80.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 42,728 shares of the semiconductor manufacturer’s stock after acquiring an additional 19,008 shares during the period. Quantbot Technologies LP’s holdings in Broadcom were worth $7,154,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Broadcom during the 1st quarter worth approximately $6,649,117,000. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 worth $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer’s stock worth $5,333,384,000 after buying an additional 4,550,647 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Broadcom stock opened at $306.34 on Monday. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $317.35. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business’s 50 day simple moving average is $278.27 and its 200 day simple moving average is $229.89. The company has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.73, a PEG ratio of 2.18 and a beta of 1.15.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm posted $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed 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 Buying and Selling

In related news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company’s stock, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $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 a total of 830,516 shares of company stock worth $217,286,457 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on AVGO shares. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday, June 6th. Evercore ISI restated an “outperform” rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Sunday. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Finally, Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $295.96.

Broadcom 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.