IFM Investors Pty Ltd Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

IFM Investors Pty Ltd lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 25.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 66,514 shares of the semiconductor manufacturer’s stock after acquiring an additional 13,417 shares during the period. Broadcom accounts for about 0.6% of IFM Investors Pty Ltd’s holdings, making the stock its 24th biggest position. IFM Investors Pty Ltd’s holdings in Broadcom were worth $41,883,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. State Street Corp grew its position in Broadcom by 3.4% in the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock valued at $11,001,395,000 after buying an additional 542,398 shares during the last quarter. Geode Capital Management LLC grew its position in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 6,809,021 shares of the semiconductor manufacturer’s stock valued at $4,518,636,000 after buying an additional 197,415 shares during the last quarter. Northern Trust Corp grew its position in Broadcom by 1.6% in the 4th quarter. Northern Trust Corp now owns 4,895,299 shares of the semiconductor manufacturer’s stock valued at $3,257,382,000 after buying an additional 77,517 shares during the last quarter. Nuveen Asset Management LLC grew its position in Broadcom by 16.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after buying an additional 624,821 shares during the last quarter. Finally, Norges Bank purchased a new position in Broadcom in the 4th quarter valued at $2,403,800,000. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.4 %

Shares of AVGO stock opened at $535.48 on Monday. The firm has a 50-day moving average price of $518.70 and a 200 day moving average price of $562.47. Broadcom Inc. has a twelve month low of $462.66 and a twelve month high of $677.76. The company has a market capitalization of $216.24 billion, a price-to-earnings ratio of 26.55, a PEG ratio of 1.04 and a beta of 1.09. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt-to-equity ratio of 1.87.

Broadcom (NASDAQ:AVGOGet Rating) last posted its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 EPS for the quarter, beating the consensus estimate of $7.88 by $0.51. The company had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The firm’s revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.89 EPS. Research analysts forecast that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were issued a $4.10 dividend. This represents a $16.40 annualized dividend and a yield of 3.06%. The ex-dividend date was Tuesday, June 21st. Broadcom’s dividend payout ratio (DPR) is 81.31%.

Broadcom announced that its board has approved a stock repurchase plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. StockNews.com raised Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. KeyCorp raised their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, May 27th. Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Finally, Mizuho raised their target price on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Four analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $680.46.

Broadcom Company Profile

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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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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