Congress Asset Management Co. Has $99.05 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Congress Asset Management Co. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 784.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 591,601 shares of the semiconductor manufacturer’s stock after purchasing an additional 524,676 shares during the period. Congress Asset Management Co.’s holdings in Broadcom were worth $99,052,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Norges Bank bought a new stake in Broadcom in the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC grew its position in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its position in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 5.0%

Shares of NASDAQ:AVGO opened at $246.95 on Friday. The firm has a fifty day moving average price of $203.73 and a two-hundred day moving average price of $206.22. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is 113.46%.

Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $270.25.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom Company Profile

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.