Gateway Investment Advisers LLC Has $148.91 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Gateway Investment Advisers LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 889,361 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,000 shares during the period. Broadcom accounts for about 1.7% of Gateway Investment Advisers LLC’s holdings, making the stock its 10th biggest position. Gateway Investment Advisers LLC’s holdings in Broadcom were worth $148,906,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Norges Bank bought a new stake in shares of Broadcom during the 4th quarter valued at $16,893,010,000. GAMMA Investing LLC boosted its stake 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 during the period. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its position in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, 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 value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AVGO. Citigroup reaffirmed a “buy” rating and set a $276.00 price objective (up previously from $210.00) on shares of Broadcom in a research note on Tuesday. Oppenheimer raised their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday. Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Susquehanna boosted their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $270.25.

Broadcom Stock Down 5.0%

Shares of NASDAQ AVGO opened at $246.95 on Friday. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The firm’s 50 day simple moving average is $203.73 and its two-hundred day simple moving average is $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 (NASDAQ:AVGO) last released its 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. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $10.96 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is currently 113.46%.

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.