Broadcom Inc. (NASDAQ:AVGO) Shares Bought by LGT Fund Management Co Ltd.

LGT Fund Management Co Ltd. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.7% in the 1st quarter, Holdings Channel.com reports. The fund owned 118,565 shares of the semiconductor manufacturer’s stock after buying an additional 12,438 shares during the quarter. Broadcom makes up about 1.8% of LGT Fund Management Co Ltd.’s holdings, making the stock its 12th biggest holding. LGT Fund Management Co Ltd.’s holdings in Broadcom were worth $19,851,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Broadcom by 0.4% during the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock worth $79,900,968,000 after buying an additional 2,085,534 shares during the period. Northern Trust Corp boosted its position in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $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 shares of 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 worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. Nuveen LLC purchased a new position in Broadcom in the first quarter valued at $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on AVGO. KeyCorp lifted their target price on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. The Goldman Sachs Group started coverage on Broadcom in a report on Thursday, July 10th. They issued a “buy” rating and a $315.00 target price for the company. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $294.92.

Broadcom Stock Performance

Shares of AVGO stock opened at $303.90 on Tuesday. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $310.34. The stock’s 50-day moving average price is $273.98 and its 200 day moving average price is $227.04. The stock has a market capitalization of $1.43 trillion, a PE ratio of 113.82, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom 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 owned 24,582 shares of the company’s stock, valued at approximately $6,742,842.60. The trade was a 3.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred 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 directly owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% 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 three months. Company insiders own 2.00% of the company’s stock.

Broadcom 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.