Broadcom Inc. (NASDAQ:AVGO) Holdings Lifted by Cove Private Wealth LLC

Cove Private Wealth LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,640 shares of the semiconductor manufacturer’s stock after buying an additional 140 shares during the quarter. Broadcom accounts for approximately 2.1% of Cove Private Wealth LLC’s holdings, making the stock its 9th biggest position. Cove Private Wealth LLC’s holdings in Broadcom were worth $3,958,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock valued at $79,900,968,000 after purchasing an additional 2,085,534 shares in the last quarter. Northern Trust Corp grew its stake in Broadcom by 12.0% in 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 purchasing an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake 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 purchasing an additional 15,171,849 shares in the last quarter. Nuveen LLC purchased a new position in Broadcom in the first quarter valued at about $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Broadcom by 1.7% in 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 purchasing an additional 581,704 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the sale, the director directly owned 24,582 shares in the company, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday. The Goldman Sachs Group started coverage on Broadcom in a research note on Thursday, July 10th. They set a “buy” rating and a $315.00 price target for the company. Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Oppenheimer upped their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $294.92.

Broadcom Trading Up 0.4%

Shares of AVGO opened at $304.97 on Monday. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 114.22, a P/E/G ratio of 2.17 and a beta of 1.15. The stock’s 50-day moving average price is $272.87 and its 200 day moving average price is $226.63.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. 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 is currently 88.39%.

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.