Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 28.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,650,857 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,489,113 shares during the period. Broadcom accounts for approximately 1.2% of Pictet Asset Management Holding SA’s portfolio, making the stock its 8th biggest position. Pictet Asset Management Holding SA owned about 0.14% of Broadcom worth $1,113,684,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of AVGO. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC increased its stake in shares of Broadcom by 18,179.3% in the first 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 increased its stake in shares of Broadcom by 46.9% in the fourth 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 during the period. GQG Partners LLC increased its stake in shares of Broadcom by 200.0% in the fourth 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 during the period. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Citigroup upped their price objective on Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, July 5th. Finally, Oppenheimer boosted their target price on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $292.08.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $3.84 during midday trading on Friday, reaching $282.61. 4,702,521 shares of the company were exchanged, compared to its average volume of 27,813,321. The stock’s 50-day moving average price is $252.91 and its 200-day moving average price is $219.98. The stock has a market cap of $1.33 trillion, a P/E ratio of 106.08, a PEG ratio of 2.00 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.84%. Broadcom’s payout ratio is 88.39%.

Broadcom 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.