LGT Fund Management Co Ltd. Buys 48,072 Shares of Broadcom Inc. (NASDAQ:AVGO)

LGT Fund Management Co Ltd. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 82.8% during the fourth quarter, Holdings Channel reports. The firm owned 106,127 shares of the semiconductor manufacturer’s stock after purchasing an additional 48,072 shares during the period. Broadcom makes up approximately 2.2% of LGT Fund Management Co Ltd.’s investment portfolio, making the stock its 8th largest position. LGT Fund Management Co Ltd.’s holdings in Broadcom were worth $24,604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Pin Oak Investment Advisors Inc. raised its holdings in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $26,000. JDM Financial Group LLC raised its holdings in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $37,000. Finally, R Squared Ltd acquired a new stake in Broadcom during the fourth quarter worth approximately $39,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AVGO shares. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Morgan Stanley cut their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 target price on shares of Broadcom in a report on Wednesday, December 11th. UBS Group lifted their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, TD Cowen lifted their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $199.29 on Monday. The firm has a market capitalization of $934.16 billion, a P/E ratio of 162.56, a PEG ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company’s fifty day moving average is $227.44 and its two-hundred day moving average is $192.35. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom’s payout ratio is currently 191.87%.

Insider Buying and Selling

In related news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 in the last three months. Corporate insiders own 2.00% of the company’s stock.

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.