Broadcom Inc (NASDAQ:AVGO) Shares Bought by Sumitomo Life Insurance Co.

Sumitomo Life Insurance Co. boosted its position in shares of Broadcom Inc (NASDAQ:AVGO) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,219 shares of the semiconductor manufacturer’s stock after buying an additional 877 shares during the period. Sumitomo Life Insurance Co.’s holdings in Broadcom were worth $5,442,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Mackenzie Financial Corp lifted its stake in Broadcom by 17.1% in the second quarter. Mackenzie Financial Corp now owns 617,079 shares of the semiconductor manufacturer’s stock worth $177,632,000 after acquiring an additional 90,318 shares during the period. Marshall Wace LLP lifted its stake in Broadcom by 44.9% in the second quarter. Marshall Wace LLP now owns 14,980 shares of the semiconductor manufacturer’s stock worth $4,312,000 after acquiring an additional 4,644 shares during the period. Victory Capital Management Inc. lifted its stake in Broadcom by 1.6% in the second quarter. Victory Capital Management Inc. now owns 98,368 shares of the semiconductor manufacturer’s stock worth $28,316,000 after acquiring an additional 1,594 shares during the period. Andra AP fonden lifted its stake in Broadcom by 33.1% in the second quarter. Andra AP fonden now owns 16,100 shares of the semiconductor manufacturer’s stock worth $4,635,000 after acquiring an additional 4,000 shares during the period. Finally, Doyle Wealth Management purchased a new stake in Broadcom in the second quarter worth about $42,000. 83.19% of the stock is currently owned by institutional investors.

In other news, CEO Hock E. Tan sold 75,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $311.02, for a total transaction of $23,326,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $314.56, for a total value of $6,291,200.00. In the last 90 days, insiders sold 188,646 shares of company stock worth $58,355,351. Insiders own 3.30% of the company’s stock.

A number of analysts recently weighed in on the stock. SunTrust Banks upped their price objective on shares of Broadcom from $361.00 to $366.00 and gave the stock a “buy” rating in a research note on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $345.00 price objective (up from $330.00) on shares of Broadcom in a research note on Tuesday, December 10th. Raymond James reaffirmed a “hold” rating on shares of Broadcom in a research note on Thursday, December 12th. Mizuho reaffirmed a “buy” rating and issued a $365.00 price objective (up from $340.00) on shares of Broadcom in a research note on Thursday, December 12th. Finally, Bank of America reaffirmed a “buy” rating on shares of Broadcom in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $334.10.

NASDAQ AVGO traded up $1.46 during trading hours on Friday, reaching $321.11. The stock had a trading volume of 3,916,633 shares, compared to its average volume of 2,132,452. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.31 and a current ratio of 1.44. Broadcom Inc has a 52-week low of $250.09 and a 52-week high of $331.20. The stock has a fifty day moving average of $314.22 and a 200 day moving average of $295.93. The stock has a market cap of $124.46 billion, a P/E ratio of 49.86, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $5.35 by $0.04. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The business had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.74 billion. During the same quarter in the prior year, the firm posted $5.85 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc will post 19.22 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $3.25 dividend. This represents a $13.00 annualized dividend and a yield of 4.05%. The ex-dividend date was Friday, December 20th. This is a positive change from Broadcom’s previous quarterly dividend of $2.65. Broadcom’s dividend payout ratio is currently 74.67%.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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