PFG Investments LLC Raises Stake in Broadcom Inc. $AVGO

PFG Investments LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,342 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,578 shares during the period. Broadcom comprises 0.6% of PFG Investments LLC’s portfolio, making the stock its 24th largest holding. PFG Investments LLC’s holdings in Broadcom were worth $11,660,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in Broadcom during the second quarter valued at about $18,579,549,000. Vanguard Group Inc. grew its position in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. Edgewood Management LLC bought a new stake in Broadcom during the 2nd quarter valued at approximately $1,571,438,000. Massachusetts Financial Services Co. MA lifted its holdings in Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock worth $1,658,680,000 after purchasing an additional 3,224,739 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in Broadcom by 8.4% in the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after purchasing an additional 2,978,768 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following the completion of the sale, the chief financial officer owned 277,237 shares in the company, valued at approximately $96,428,573.34. This trade represents a 9.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of Broadcom stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total transaction of $631,998.40. Following the transaction, the insider directly owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This represents a 7.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 779,901 shares of company stock valued at $284,069,237 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Robert W. Baird set a $420.00 target price on shares of Broadcom in a research note on Friday, December 12th. UBS Group set a $475.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research note on Monday, December 15th. Morgan Stanley increased their price objective on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Finally, Oppenheimer lifted their target price on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $438.61.

Broadcom Stock Down 0.8%

Shares of NASDAQ AVGO opened at $330.73 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The firm’s 50-day moving average price is $355.94 and its 200-day moving average price is $336.85. The stock has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, December 22nd. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.