IPG Investment Advisors LLC Purchases 7,334 Shares of Broadcom Inc. (NASDAQ:AVGO)

IPG Investment Advisors LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 36.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,324 shares of the semiconductor manufacturer’s stock after acquiring an additional 7,334 shares during the quarter. Broadcom accounts for approximately 1.0% of IPG Investment Advisors LLC’s portfolio, making the stock its 24th largest holding. IPG Investment Advisors LLC’s holdings in Broadcom were worth $4,575,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. Northern Trust Corp boosted its position in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Broadcom by 46.9% during 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 buying an additional 15,171,849 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Broadcom by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer’s stock valued at $7,975,616,000 after buying an additional 581,704 shares during the period. Finally, GAMMA Investing LLC boosted its position in Broadcom by 18,179.3% during 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 buying an additional 17,181,652 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AVGO shares. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Evercore ISI reiterated an “outperform” rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities increased their target price on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. The Goldman Sachs Group started coverage on shares of Broadcom in a report on Thursday, July 10th. They set a “buy” rating and a $315.00 target price for the company. Finally, UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $294.92.

Broadcom Price Performance

AVGO stock opened at $288.64 on Monday. The firm has a 50 day moving average price of $266.56 and a 200-day moving average price of $224.50. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. 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 (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business earned $10.96 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares of the company’s stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by insiders.

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.