Fairbanks Capital Management Inc. boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,864 shares of the semiconductor manufacturer’s stock after buying an additional 70 shares during the quarter. Broadcom accounts for approximately 3.0% of Fairbanks Capital Management Inc.’s portfolio, making the stock its 10th largest holding. Fairbanks Capital Management Inc.’s holdings in Broadcom were worth $4,598,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $6,225,987,000. Swedbank AB acquired a new stake in shares of Broadcom in the first quarter valued at approximately $2,835,737,000. Vanguard Group Inc. grew its position in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Jennison Associates LLC grew its position in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the last quarter. Finally, Capital International Investors grew its position in shares of Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have recently commented on AVGO shares. Sanford C. Bernstein increased their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. UBS Group reduced their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, TD Cowen upped their price objective on shares of Broadcom from $175.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Two research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $189.23.
Check Out Our Latest Stock Analysis on AVGO
Broadcom Stock Performance
Shares of AVGO stock opened at $148.21 on Wednesday. The company’s fifty day simple moving average is $188.66 and its 200-day simple moving average is $156.32. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The company has a market cap of $689.90 billion, a PE ratio of 6.37, a P/E/G ratio of 2.41 and a beta of 1.16.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current year.
Broadcom Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.43%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.
Insider Activity at Broadcom
In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.
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.
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