Nan Shan Life Insurance Co. Ltd. Boosts Stake in Broadcom Inc. $AVGO

Nan Shan Life Insurance Co. Ltd. raised its position in Broadcom Inc. (NASDAQ:AVGO) by 2,228.7% during the first quarter, HoldingsChannel.com reports. The firm owned 215,361 shares of the semiconductor manufacturer’s stock after purchasing an additional 206,113 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Broadcom were worth $36,058,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $25,000. Inlight Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter valued at about $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,286,457. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective for the company. Bank of America upped their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Oppenheimer upped their price target on shares of Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Finally, Citigroup upped their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Buy” and an average price target of $295.96.

Broadcom Trading Down 0.2%

Shares of Broadcom stock opened at $305.76 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $317.35. The firm has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 114.52, a PEG ratio of 2.18 and a beta of 1.15. The firm’s 50 day simple moving average is $279.50 and its two-hundred day simple moving average is $230.48.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $10.96 EPS. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

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.