Ensign Peak Advisors Inc Acquires 84,196 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ensign Peak Advisors Inc lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 524,537 shares of the semiconductor manufacturer’s stock after purchasing an additional 84,196 shares during the quarter. Broadcom accounts for 1.5% of Ensign Peak Advisors Inc’s holdings, making the stock its 8th largest position. Ensign Peak Advisors Inc owned 0.11% of Broadcom worth $842,160,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. RiverGlades Family Offices LLC acquired a new stake in Broadcom during the second quarter worth about $210,000. Kiely Wealth Advisory Group Inc. bought a new stake in Broadcom during the second quarter worth $128,000. Thrivent Financial for Lutherans raised its holdings in shares of Broadcom by 84.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 103,814 shares of the semiconductor manufacturer’s stock worth $166,676,000 after buying an additional 47,452 shares in the last quarter. Thames Capital Management LLC bought a new stake in shares of Broadcom during the 2nd quarter worth $326,000. Finally, Blue Whale Capital LLP boosted its stake in Broadcom by 109.6% in the second quarter. Blue Whale Capital LLP now owns 62,465 shares of the semiconductor manufacturer’s stock valued at $100,289,000 after buying an additional 32,665 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Piper Sandler lifted their target price on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Sanford C. Bernstein raised their price objective on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Wells Fargo & Company increased their target price on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Finally, Bank of America reaffirmed a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. 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 stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Trading Up 2.2 %

AVGO opened at $171.10 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company’s 50-day moving average is $156.81 and its 200 day moving average is $146.91. The firm has a market capitalization of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping 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 business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. This is a positive change 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 1.24%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

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.