Broadcom Inc. $AVGO Shares Acquired by Auto Owners Insurance Co

Auto Owners Insurance Co increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 34,510.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 827,179 shares of the semiconductor manufacturer’s stock after buying an additional 824,789 shares during the period. Auto Owners Insurance Co’s holdings in Broadcom were worth $28,629,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at about $24,252,196,000. Cardano Risk Management B.V. raised its stake in shares of Broadcom by 895.2% during the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer’s stock worth $4,391,940,000 after buying an additional 11,414,701 shares in the last quarter. State Street Corp raised its stake in shares of Broadcom by 2.7% during the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock worth $65,788,194,000 after buying an additional 5,040,801 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Broadcom by 499.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock valued at $1,858,789,000 after buying an additional 4,694,313 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock valued at $167,064,997,000 after buying an additional 3,919,715 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, Director Justine Page sold 2,018 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the transaction, the director directly owned 18,164 shares in the company, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the transaction, the insider owned 787,184 shares of the company’s stock, valued at approximately $271,759,532.32. The trade was a 1.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 59,385 shares of company stock worth $21,301,057 in the last three months. Company insiders own 1.90% of the company’s stock.

Broadcom Price Performance

AVGO opened at $411.35 on Friday. The business’s fifty day moving average is $411.42 and its two-hundred day moving average is $363.50. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The company has a market cap of $1.96 trillion, a price-to-earnings ratio of 68.56, a PEG ratio of 0.72 and a beta of 1.41. Broadcom Inc. has a one year low of $244.17 and a one year high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The company had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the prior year, the company earned $1.58 earnings per share. Broadcom’s revenue was up 47.9% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 22nd. Broadcom’s dividend payout ratio is presently 43.33%.

Key Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVGO. Zacks Research lowered Broadcom from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $515.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, June 4th. TD Cowen restated a “buy” rating and set a $500.00 target price on shares of Broadcom in a research report on Thursday, June 4th. Wells Fargo & Company reiterated an “overweight” rating and issued a $545.00 price target (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Finally, UBS Group set a $485.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $490.13.

About Broadcom

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.