Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by IFM Investors Pty Ltd

IFM Investors Pty Ltd grew its position in Broadcom Inc. (NASDAQ:AVGO) by 8.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 912,840 shares of the semiconductor manufacturer’s stock after buying an additional 74,073 shares during the period. Broadcom makes up 1.6% of IFM Investors Pty Ltd’s portfolio, making the stock its 8th largest position. IFM Investors Pty Ltd’s holdings in Broadcom were worth $157,465,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the 4th quarter worth approximately $30,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Finally, Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $25,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 1.8%

AVGO opened at $274.87 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average price of $238.77 and a 200-day moving average price of $217.22. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Ratings Changes

Several analysts recently issued reports on AVGO shares. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Bank of America raised their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Oppenheimer raised their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $281.46.

About Broadcom

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.