Miracle Mile Advisors LLC Acquires 384 Shares of Broadcom Inc. (NASDAQ:AVGO)

Miracle Mile Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 9.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,367 shares of the semiconductor manufacturer’s stock after buying an additional 384 shares during the period. Miracle Mile Advisors LLC’s holdings in Broadcom were worth $4,875,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Cantor Fitzgerald Investment Advisor L.P raised its position in Broadcom by 94.4% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after buying an additional 36,458 shares during the last quarter. Fairfield Bush & CO. increased its holdings in Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after acquiring an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Broadcom by 20.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after acquiring an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P boosted its stake in Broadcom by 1.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after purchasing an additional 420 shares during the period. Finally, Ergoteles LLC bought a new position in Broadcom in the 1st quarter worth about $1,095,000. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. Insiders sold a total of 19,810 shares of company stock worth $26,107,692 in the last ninety days. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVGO. Benchmark reiterated a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. The Goldman Sachs Group restated a “buy” rating and set a $1,325.00 price target on shares of Broadcom in a research report on Friday, January 19th. Oppenheimer restated an “outperform” rating and set a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Mizuho boosted their target price on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, Summit Insights raised Broadcom from a “hold” rating to a “buy” rating in a report on Friday, December 8th. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,230.18.

View Our Latest Stock Report on AVGO

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $1,325.41 on Monday. The business’s 50 day simple moving average is $1,277.76 and its 200-day simple moving average is $1,069.89. The firm has a market capitalization of $614.22 billion, a price-to-earnings ratio of 49.13, a price-to-earnings-growth ratio of 2.79 and a beta of 1.26. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the previous year, the firm posted $9.83 EPS. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.58%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Broadcom Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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