Victory Capital Management Inc. Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Victory Capital Management Inc. boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 612,397 shares of the semiconductor manufacturer’s stock after buying an additional 70,050 shares during the quarter. Broadcom makes up about 0.7% of Victory Capital Management Inc.’s holdings, making the stock its 8th biggest holding. Victory Capital Management Inc. owned about 0.13% of Broadcom worth $683,588,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Pathway Financial Advisors LLC boosted its holdings in shares of Broadcom by 11.1% during the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock worth $1,041,000 after purchasing an additional 93 shares during the period. Stegent Equity Advisors Inc. bought a new position in Broadcom during the 4th quarter valued at approximately $271,000. Intrust Bank NA lifted its holdings in Broadcom by 1.7% in the 4th quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after buying an additional 99 shares during the period. Alpha Omega Wealth Management LLC lifted its holdings in Broadcom by 66.6% in the 4th quarter. Alpha Omega Wealth Management LLC now owns 4,261 shares of the semiconductor manufacturer’s stock worth $4,756,000 after buying an additional 1,704 shares during the period. Finally, CI Investments Inc. grew its position in shares of Broadcom by 89.4% in the 3rd quarter. CI Investments Inc. now owns 137,520 shares of the semiconductor manufacturer’s stock worth $114,221,000 after buying an additional 64,912 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the sale, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 3.3 %

Broadcom stock traded down $42.43 during mid-day trading on Wednesday, reaching $1,257.84. The stock had a trading volume of 920,510 shares, compared to its average volume of 2,881,930. Broadcom Inc. has a one year low of $601.29 and a one year high of $1,438.17. The company has a 50-day moving average price of $1,310.04 and a two-hundred day moving average price of $1,143.82. The company has a market capitalization of $582.91 billion, a price-to-earnings ratio of 47.07, a PEG ratio of 2.72 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.83 earnings per share. On average, analysts expect that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Susquehanna upped their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a report on Friday, January 19th. UBS Group upped their target price on Broadcom to $1,480.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

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.