Jupiter Asset Management Ltd. boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,067 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,065 shares during the period. Jupiter Asset Management Ltd.’s holdings in Broadcom were worth $14,868,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Eagle Capital Management LLC grew its position in Broadcom by 1.2% in the fourth quarter. Eagle Capital Management LLC now owns 10,412 shares of the semiconductor manufacturer’s stock worth $4,559,000 after acquiring an additional 127 shares in the last quarter. Wade G W & Inc. grew its position in Broadcom by 14.5% in the fourth quarter. Wade G W & Inc. now owns 899 shares of the semiconductor manufacturer’s stock worth $393,000 after acquiring an additional 114 shares in the last quarter. Baker Tilly Financial LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $471,000. Braun Stacey Associates Inc. acquired a new stake in shares of Broadcom in the fourth quarter worth $721,000. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Broadcom by 12.3% in the fourth quarter. Daiwa Securities Group Inc. now owns 31,600 shares of the semiconductor manufacturer’s stock worth $13,836,000 after buying an additional 3,463 shares during the last quarter. 81.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:AVGO opened at $468.67 on Friday. Broadcom Inc. has a 12 month low of $292.41 and a 12 month high of $495.14. The stock’s 50-day moving average is $461.83. The company has a current ratio of 2.21, a quick ratio of 2.06 and a debt-to-equity ratio of 1.68. The company has a market cap of $191.36 billion, a price-to-earnings ratio of 43.68, a P/E/G ratio of 1.31 and a beta of 0.93.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 22nd will be paid a $3.60 dividend. This represents a $14.40 annualized dividend and a dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, June 21st. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.
A number of brokerages have recently weighed in on AVGO. Citigroup restated a “buy” rating and issued a $528.00 price objective (up from $500.00) on shares of Broadcom in a research note on Friday, June 4th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Broadcom from $500.00 to $525.00 and gave the company a “buy” rating in a research note on Friday, June 4th. Barclays upped their target price on shares of Broadcom from $500.00 to $525.00 and gave the company an “overweight” rating in a research note on Friday, June 4th. Oppenheimer reiterated a “buy” rating and set a $575.00 target price on shares of Broadcom in a research note on Thursday, May 27th. Finally, Robert W. Baird upped their target price on shares of Broadcom from $500.00 to $550.00 and gave the company an “outperform” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $491.38.
In related news, COO Charlie B. Kawwas sold 1,890 shares of the stock in a transaction that occurred on Friday, March 26th. The shares were sold at an average price of $469.29, for a total value of $886,958.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 530 shares of the stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $438.98, for a total transaction of $232,659.40. The disclosure for this sale can be found here. Insiders sold a total of 27,997 shares of company stock worth $13,239,016 in the last ninety days. Insiders own 2.40% of the company’s stock.
Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.
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