Dana Investment Advisors Inc. increased its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 173,759 shares of the semiconductor manufacturer’s stock after buying an additional 4,442 shares during the quarter. Broadcom comprises about 1.7% of Dana Investment Advisors Inc.’s holdings, making the stock its 8th biggest position. Dana Investment Advisors Inc.’s holdings in Broadcom were worth $57,325,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Broadcom during the second quarter valued at approximately $18,579,549,000. Vanguard Group Inc. boosted its stake in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. Edgewood Management LLC acquired a new position in shares of Broadcom during the 2nd quarter valued at $1,571,438,000. Massachusetts Financial Services Co. MA raised its stake in shares of Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock worth $1,658,680,000 after buying an additional 3,224,739 shares in the last quarter. Finally, Invesco Ltd. raised its stake in shares of Broadcom by 8.4% in the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after buying an additional 2,978,768 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.
Insider Buying and Selling
In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total value of $10,413,600.00. Following the transaction, the insider directly owned 210,573 shares of the company’s stock, valued at approximately $73,094,099.76. This represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 70,000 shares of the stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total value of $24,311,000.00. Following the sale, the chief executive officer owned 132,836 shares of the company’s stock, valued at approximately $46,133,942.80. This represents a 34.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 779,101 shares of company stock worth $283,804,325. Insiders own 2.00% of the company’s stock.
Broadcom News Summary
Here are the key news stories impacting Broadcom this week:
Broadcom Stock Performance
Shares of AVGO stock opened at $330.34 on Tuesday. The company has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 69.40, a P/E/G ratio of 1.06 and a beta of 1.21. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The stock’s fifty day simple moving average is $337.11 and its 200-day simple moving average is $342.27.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period last year, the company posted $1.42 EPS. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.
Analysts Set New Price Targets
Several research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft set a $430.00 target price on Broadcom and gave the company a “buy” rating in a research note on Friday, December 12th. Robert W. Baird set a $420.00 target price on shares of Broadcom in a report on Friday, December 12th. The Goldman Sachs Group reissued a “buy” rating and set a $450.00 target price on shares of Broadcom in a research note on Monday, January 5th. Morgan Stanley lifted their price target on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, UBS Group set a $475.00 price target on Broadcom and gave the company a “buy” rating in a report on Monday, December 15th. Two research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $433.13.
Get Our Latest Report on AVGO
Broadcom Company Profile
(Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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