Great Lakes Retirement Inc. Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Great Lakes Retirement Inc. increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,386 shares of the semiconductor manufacturer’s stock after acquiring an additional 141 shares during the quarter. Great Lakes Retirement Inc.’s holdings in Broadcom were worth $4,250,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth $16,893,010,000. GAMMA Investing LLC raised its holdings in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC raised its holdings in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 730,576 shares of company stock valued at $133,778,494 over the last three months. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on AVGO. Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Citigroup boosted their target price on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Wells Fargo & Company lifted their price target on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Stock Performance

AVGO stock opened at $248.70 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock’s fifty day moving average is $213.01 and its two-hundred day moving average is $209.85.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 earnings per share. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has approved a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

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.