Broadcom Inc. (NASDAQ:AVGO) is AGF Management Ltd.’s 9th Largest Position

AGF Management Ltd. grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,832,854 shares of the semiconductor manufacturer’s stock after buying an additional 76,099 shares during the period. Broadcom makes up 1.6% of AGF Management Ltd.’s portfolio, making the stock its 9th largest holding. AGF Management Ltd.’s holdings in Broadcom were worth $306,875,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter worth about $30,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $25,000. Cheviot Value Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Thursday, June 26th. The shares were 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 of the company’s stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Arete Research raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, July 28th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research note on Thursday, July 10th. They set a “buy” rating and a $315.00 price target for the company. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Rosenblatt Securities lifted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $294.92.

Broadcom Trading Up 0.4%

Shares of Broadcom stock opened at $304.97 on Monday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 114.22, a PEG ratio of 2.17 and a beta of 1.15. The firm’s 50 day simple moving average is $272.87 and its two-hundred day simple moving average is $226.63.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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

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.