Broadcom Inc. (NASDAQ:AVGO) is Legal & General Group Plc’s 9th Largest Position

Legal & General Group Plc lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,963,063 shares of the semiconductor manufacturer’s stock after buying an additional 83,846 shares during the quarter. Broadcom accounts for approximately 1.4% of Legal & General Group Plc’s holdings, making the stock its 9th largest holding. Legal & General Group Plc owned about 0.85% of Broadcom worth $6,362,816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Vanguard Group Inc. lifted its position in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Capital International Investors lifted its holdings in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. Northern Trust Corp boosted its position in Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after buying an additional 170,063 shares during the last quarter. Jennison Associates LLC boosted its position in Broadcom by 43.9% in the 1st quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. Finally, GQG Partners LLC grew its stake in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after acquiring an additional 983,328 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $178.09 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm’s 50 day moving average is $157.69 and its two-hundred day moving average is $147.96. The firm has a market capitalization of $831.78 billion, a P/E ratio of 7.66, a PEG ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 52 week low of $80.44 and a 52 week high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the business earned $0.95 EPS. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.19%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AVGO shares. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating on the stock. Jefferies Financial Group increased their target price on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Benchmark restated a “buy” rating and issued a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Melius began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Finally, Citigroup reissued a “buy” rating and set a $156.00 price objective on shares of Broadcom in a report on Tuesday, June 11th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Hock E. Tan sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares in the company, valued at approximately $204,399,515.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 232,702 shares of company stock worth $51,147,941. 2.00% of the stock is owned by corporate 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.