PFG Investments LLC Acquires 1,578 Shares of Broadcom Inc. $AVGO

PFG Investments LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the third quarter, Holdings Channel.com reports. The fund owned 35,342 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,578 shares during the quarter. Broadcom comprises 0.6% of PFG Investments LLC’s portfolio, making the stock its 24th biggest holding. PFG Investments LLC’s holdings in Broadcom were worth $11,660,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of AVGO. Norges Bank bought a new position in shares of Broadcom in the second quarter worth about $18,579,549,000. Vanguard Group Inc. boosted its position in Broadcom by 1.3% in 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 buying an additional 6,222,802 shares during the period. Edgewood Management LLC bought a new position in Broadcom in the 2nd quarter worth about $1,571,438,000. Massachusetts Financial Services Co. MA grew its stake in 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 acquiring an additional 3,224,739 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Broadcom by 8.4% during the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after acquiring an additional 2,978,768 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on AVGO shares. Barclays reissued an “overweight” rating and issued a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a research note on Friday, December 12th. Evercore ISI increased their price target on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. KeyCorp restated an “overweight” rating and issued a $500.00 price objective (up from $460.00) on shares of Broadcom in a report on Friday, December 12th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $410.00 to $430.00 in a research note on Thursday, January 15th. Finally, UBS Group set a $475.00 target price on shares of Broadcom and gave the company a “buy” rating in a research report on Monday, December 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $438.61.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction dated Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the completion of the sale, the director directly owned 37,326,540 shares of the company’s stock, valued at approximately $14,950,399,066.20. This represents a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 779,901 shares of company stock valued at $284,069,237 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $330.73 on Friday. The company has a market capitalization of $1.57 trillion, a PE ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21. The company has a 50-day simple moving average of $355.94 and a two-hundred day simple moving average of $336.85. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the previous year, the firm earned $1.42 EPS. The company’s quarterly revenue was up 28.2% compared to the same quarter last year. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is 54.62%.

Broadcom Company Profile

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.