Broadcom Inc. $AVGO is Van ECK Associates Corp’s 3rd Largest Position

Van ECK Associates Corp lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,402,656 shares of the semiconductor manufacturer’s stock after selling 1,052,464 shares during the quarter. Broadcom makes up about 3.2% of Van ECK Associates Corp’s holdings, making the stock its 3rd largest position. Van ECK Associates Corp owned 0.22% of Broadcom worth $3,431,941,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. State Street Corp increased its position in Broadcom by 0.5% during the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after buying an additional 873,963 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock valued at $29,827,649,000 after buying an additional 2,226,585 shares during the last quarter. Norges Bank acquired a new stake in shares of Broadcom in the second quarter valued at approximately $18,579,549,000. Finally, Invesco Ltd. grew 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 last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 38,281 shares of the stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the completion of the transaction, the insider owned 266,494 shares of the company’s stock, valued at approximately $87,316,759.10. This represents a 12.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 30,000 shares of Broadcom stock in a transaction on 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 completion of the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This trade represents a 9.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 458,785 shares of company stock valued at $155,508,157 in the last ninety days. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Benchmark reissued a “buy” rating and set a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. Robert W. Baird set a $420.00 price objective on Broadcom in a research report on Friday, December 12th. TD Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Wolfe Research raised shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price target on the stock in a research note on Friday, January 30th. Finally, Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $410.00 to $430.00 in a research note on Thursday, January 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $435.30.

Broadcom Trading Up 4.6%

Shares of AVGO opened at $345.75 on Tuesday. The company has a market capitalization of $1.64 trillion, a PE ratio of 67.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.22. The stock has a fifty day moving average of $333.68 and a two-hundred day moving average of $343.89. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the previous year, the firm earned $1.60 earnings per share. Broadcom’s revenue was up 29.5% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd will be paid a $0.65 dividend. The ex-dividend date is Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is 50.78%.

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.