Ameriprise Financial Inc. Buys 778,820 Shares of Broadcom Inc. $AVGO

Ameriprise Financial Inc. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.0% in the 2nd quarter, Holdings Channel.com reports. The fund owned 26,990,925 shares of the semiconductor manufacturer’s stock after purchasing an additional 778,820 shares during the quarter. Broadcom makes up about 1.8% of Ameriprise Financial Inc.’s holdings, making the stock its 5th largest position. Ameriprise Financial Inc.’s holdings in Broadcom were worth $7,450,161,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Sawyer & Company Inc lifted its stake in Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom during the second quarter worth $27,000. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom during the second quarter worth $28,000. LGT Financial Advisors LLC bought a new position in shares of Broadcom in the 2nd quarter worth about $31,000. Finally, New England Capital Financial Advisors LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $31,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Evercore ISI raised their target price on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Piper Sandler reiterated an “overweight” rating and set a $430.00 price target (up from $375.00) on shares of Broadcom in a research report on Friday. Truist Financial set a $500.00 price objective on Broadcom in a research report on Friday. Bank of America increased their price objective on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $475.00 price target (up previously from $400.00) on shares of Broadcom in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and a consensus target price of $435.85.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider owned 25,295 shares in the company, valued at approximately $8,798,106.90. The trade was a 13.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 320,316 shares of the stock in a transaction on Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the sale, the director owned 37,326,540 shares of the company’s stock, valued at $14,950,399,066.20. This trade represents a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 837,433 shares of company stock valued at $303,900,352 in the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 11.4%

AVGO opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The company has a market capitalization of $1.70 trillion, a PE ratio of 75.62, a P/E/G ratio of 1.38 and a beta of 1.19. The stock’s fifty day moving average is $363.17 and its 200-day moving average is $317.38. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same period in the previous year, the company earned $1.42 earnings per share. Broadcom’s revenue was up 28.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is presently 49.58%.

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.