Zurich Insurance Group Ltd FI lifted its holdings in Broadcom Inc (NASDAQ:AVGO) by 0.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 88,656 shares of the semiconductor manufacturer’s stock after purchasing an additional 138 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Broadcom were worth $25,521,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. AQR Capital Management LLC increased its stake in Broadcom by 17.8% during the 2nd quarter. AQR Capital Management LLC now owns 226,509 shares of the semiconductor manufacturer’s stock valued at $65,203,000 after purchasing an additional 34,288 shares in the last quarter. HBK Investments L P acquired a new stake in shares of Broadcom in the second quarter worth $2,901,000. Assetmark Inc. increased its stake in shares of Broadcom by 1.3% in the second quarter. Assetmark Inc. now owns 4,221 shares of the semiconductor manufacturer’s stock worth $1,215,000 after acquiring an additional 53 shares during the period. Institutional & Family Asset Management LLC increased its stake in shares of Broadcom by 16.8% in the second quarter. Institutional & Family Asset Management LLC now owns 722 shares of the semiconductor manufacturer’s stock worth $208,000 after acquiring an additional 104 shares during the period. Finally, Gladstone Institutional Advisory LLC acquired a new stake in shares of Broadcom in the second quarter worth $375,000. 84.57% of the stock is owned by hedge funds and other institutional investors.
In related news, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $288.71, for a total transaction of $5,774,200.00. Over the last three months, insiders sold 71,922 shares of company stock worth $20,347,831. Insiders own 3.30% of the company’s stock.
A number of analysts have recently weighed in on AVGO shares. Jefferies Financial Group set a $350.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. Deutsche Bank cut their price objective on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Sanford C. Bernstein set a $340.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, September 13th. SunTrust Banks increased their price objective on shares of Broadcom from $307.00 to $322.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada started coverage on shares of Broadcom in a research note on Tuesday, July 23rd. They issued an “outperform” rating and a $320.00 price objective on the stock. Eleven research analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company’s stock. Broadcom has an average rating of “Buy” and a consensus price target of $312.06.
Shares of NASDAQ:AVGO traded down $6.61 during midday trading on Friday, hitting $284.03. The company’s stock had a trading volume of 99,980 shares, compared to its average volume of 2,073,956. The business’s 50 day simple moving average is $281.52 and its 200 day simple moving average is $287.26. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32. The company has a market cap of $114.57 billion, a P/E ratio of 15.09, a price-to-earnings-growth ratio of 1.44 and a beta of 0.88. Broadcom Inc has a 12-month low of $208.23 and a 12-month high of $323.20.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.98 earnings per share. On average, sell-side analysts predict that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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