Broadcom Inc. (NASDAQ:AVGO) Stake Raised by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI grew its position in Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,016,907 shares of the semiconductor manufacturer’s stock after acquiring an additional 10,059 shares during the quarter. Broadcom comprises about 4.0% of Commerzbank Aktiengesellschaft FI’s portfolio, making the stock its 4th largest position. Commerzbank Aktiengesellschaft FI’s holdings in Broadcom were worth $170,261,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter valued at about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at about $25,000. Finally, Inlight Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at about $26,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $280.81 on Thursday. The firm has a market cap of $1.32 trillion, a PE ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. The firm has a fifty day moving average of $251.34 and a 200 day moving average of $219.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a one year low of $128.50 and a one year high of $283.73.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.84%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. UBS Group raised their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Oppenheimer raised their price target on shares of Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Evercore ISI restated an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $292.08.

About Broadcom

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.