E Fund Management Co. Ltd. Grows Position in Broadcom Inc. (NASDAQ:AVGO)

E Fund Management Co. Ltd. increased its position in Broadcom Inc. (NASDAQ:AVGO) by 8.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,447 shares of the semiconductor manufacturer’s stock after purchasing an additional 683 shares during the period. Broadcom accounts for 0.6% of E Fund Management Co. Ltd.’s portfolio, making the stock its 20th biggest position. E Fund Management Co. Ltd.’s holdings in Broadcom were worth $9,429,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of AVGO. Mirae Asset Global Investments Co. Ltd. increased its position in Broadcom by 14.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 632,667 shares of the semiconductor manufacturer’s stock valued at $525,481,000 after buying an additional 79,275 shares in the last quarter. NBT Bank N A NY raised its holdings in Broadcom by 337.6% in the third quarter. NBT Bank N A NY now owns 1,199 shares of the semiconductor manufacturer’s stock worth $996,000 after buying an additional 925 shares during the last quarter. River Street Advisors LLC raised its holdings in Broadcom by 15.2% in the third quarter. River Street Advisors LLC now owns 1,708 shares of the semiconductor manufacturer’s stock worth $1,419,000 after buying an additional 226 shares during the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Broadcom by 18.8% during the third quarter. Chicago Partners Investment Group LLC now owns 1,288 shares of the semiconductor manufacturer’s stock valued at $1,111,000 after buying an additional 204 shares during the last quarter. Finally, Advisor Partners II LLC increased its position in shares of Broadcom by 5.9% during the third quarter. Advisor Partners II LLC now owns 19,616 shares of the semiconductor manufacturer’s stock valued at $16,293,000 after acquiring an additional 1,101 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Oppenheimer reiterated an “outperform” rating and issued a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Benchmark restated a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald raised their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Finally, Mizuho boosted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Stock Performance

Shares of AVGO stock traded down $19.70 during trading hours on Thursday, reaching $1,305.67. 1,211,208 shares of the company traded hands, compared to its average volume of 2,837,034. The firm has a 50-day moving average price of $1,308.82 and a 200 day moving average price of $1,157.75. The company has a market cap of $605.07 billion, a P/E ratio of 48.58, a P/E/G ratio of 2.60 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 12-month low of $617.99 and a 12-month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $9.83 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.61%. Broadcom’s payout ratio is presently 77.84%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total value of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares in the company, valued at $61,957,296.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock valued at $40,306,667 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

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.