Resona Asset Management Co. Ltd. Acquires 110,309 Shares of Broadcom Inc. (NASDAQ:AVGO)

Resona Asset Management Co. Ltd. raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 8.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 1,423,911 shares of the semiconductor manufacturer’s stock after acquiring an additional 110,309 shares during the quarter. Broadcom accounts for 1.4% of Resona Asset Management Co. Ltd.’s investment portfolio, making the stock its 10th biggest holding. Resona Asset Management Co. Ltd.’s holdings in Broadcom were worth $238,799,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted 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 buying an additional 2,085,534 shares during the period. Northern Trust Corp raised 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 purchasing an additional 5,258,925 shares during the period. Price T Rowe Associates Inc. MD raised 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 purchasing an additional 15,171,849 shares during the period. Nuveen LLC acquired a new position in shares of Broadcom during the first quarter worth approximately $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of 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 worth $7,975,616,000 after purchasing an additional 581,704 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVGO shares. Mizuho upped their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Citigroup upped their target price on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Finally, Arete Research raised Broadcom to a “strong-buy” rating in a research report on Monday, July 28th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $294.92.

Broadcom Stock Down 0.4%

Shares of NASDAQ AVGO opened at $303.90 on Tuesday. Broadcom Inc. has a one year low of $134.90 and a one year high of $310.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business’s fifty 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 P/E/G ratio of 2.17 and a beta of 1.15.

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. 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 analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Insider Activity

In other news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 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. Over the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company 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.