Mirova US LLC Acquires New Shares in Broadcom Inc. $AVGO

Mirova US LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 339,947 shares of the semiconductor manufacturer’s stock, valued at approximately $112,152,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in Broadcom during the second quarter valued at approximately $18,579,549,000. Vanguard Group Inc. grew its position in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares in the last quarter. Edgewood Management LLC acquired a new position in shares of Broadcom during the 2nd quarter worth $1,571,438,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Broadcom by 115.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after purchasing an additional 3,224,739 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Broadcom by 272.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,189,531 shares of the semiconductor manufacturer’s stock valued at $1,154,844,000 after purchasing an additional 3,065,809 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $347.62 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $362.90 and its two-hundred day moving average is $327.32. The company has a market cap of $1.65 trillion, a P/E ratio of 73.03, a P/E/G ratio of 1.18 and a beta of 1.21. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the business earned $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were given a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is 54.62%.

Analyst Ratings Changes

Several research firms have weighed in on AVGO. KeyCorp restated an “overweight” rating and set a $500.00 target price (up from $460.00) on shares of Broadcom in a report on Friday, December 12th. Citigroup reissued a “buy” rating and set a $480.00 price objective (up previously from $415.00) on shares of Broadcom in a report on Friday, December 12th. Sanford C. Bernstein restated an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a report on Friday, December 12th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Finally, Robert W. Baird set a $420.00 price target on shares of Broadcom in a research report on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Buy” and a consensus price target of $436.33.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 38,281 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 3,714 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the completion of the sale, the chief financial officer owned 307,237 shares of the company’s stock, valued at approximately $100,709,216.23. The trade was a 1.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 650,701 shares of company stock worth $239,190,157. Insiders own 2.00% of the company’s stock.

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.