Fullerton Fund Management Co Ltd. Buys 410,642 Shares of Broadcom Inc. $AVGO

Fullerton Fund Management Co Ltd. raised its position in Broadcom Inc. (NASDAQ:AVGO) by 506.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 491,656 shares of the semiconductor manufacturer’s stock after acquiring an additional 410,642 shares during the quarter. Broadcom accounts for about 5.5% of Fullerton Fund Management Co Ltd.’s investment portfolio, making the stock its 5th largest holding. Fullerton Fund Management Co Ltd.’s holdings in Broadcom were worth $135,525,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Sawyer & Company Inc lifted its holdings in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom during the second quarter valued at about $27,000. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom during the second quarter valued at about $28,000. LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth about $31,000. Finally, New England Capital Financial Advisors LLC acquired a new position in shares of Broadcom in the second quarter worth about $31,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Henry Samueli sold 320,316 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the sale, the director directly owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 3,893 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the sale, the insider directly owned 25,295 shares in the company, valued at approximately $8,798,106.90. This trade represents a 13.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 837,433 shares of company stock valued at $303,900,352 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $359.93 on Friday. The stock has a market capitalization of $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19. The business’s fifty day moving average price is $363.17 and its 200 day moving average price is $317.38. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.7%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is currently 49.58%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. Rosenblatt Securities raised their price objective on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research note on Tuesday. Evercore ISI increased their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Barclays reissued an “overweight” rating and set a $500.00 price target (up previously from $450.00) on shares of Broadcom in a research report on Friday. Morgan Stanley upped their price target on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a report on Friday. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $435.85.

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.