Fjarde AP Fonden Fourth Swedish National Pension Fund trimmed its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 702,723 shares of the semiconductor manufacturer’s stock after selling 4,980 shares during the quarter. Broadcom makes up 2.0% of Fjarde AP Fonden Fourth Swedish National Pension Fund’s portfolio, making the stock its 8th biggest position. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Broadcom were worth $243,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also added to or reduced their stakes in the company. Miller Global Investments LLC bought a new position in Broadcom in the fourth quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new stake in shares of Broadcom during the fourth quarter worth $33,000. Family CFO Inc bought a new stake in shares of Broadcom during the fourth quarter worth $35,000. PayPay Securities Corp grew its stake in shares of Broadcom by 88.9% during the fourth quarter. PayPay Securities Corp now owns 119 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 56 shares during the last quarter. Finally, Cherry Tree Wealth Management LLC grew its stake in shares of Broadcom by 44.9% during the fourth quarter. Cherry Tree Wealth Management LLC now owns 129 shares of the semiconductor manufacturer’s stock worth $45,000 after buying an additional 40 shares during the last quarter. 76.43% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on the stock. Royal Bank Of Canada boosted their target price on shares of Broadcom from $360.00 to $400.00 and gave the stock a “sector perform” rating in a research note on Thursday, June 4th. Oppenheimer reaffirmed an “outperform” rating and set a $535.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday. Susquehanna reaffirmed a “positive” rating and set a $490.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, May 28th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Broadcom in a research note on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $490.13.
Broadcom Stock Performance
Shares of Broadcom stock opened at $396.60 on Tuesday. The company has a quick ratio of 2.01, a current ratio of 2.24 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a twelve month low of $241.11 and a twelve month high of $495.00. The stock has a market cap of $1.88 trillion, a price-to-earnings ratio of 66.10, a P/E/G ratio of 0.70 and a beta of 1.41. The company’s fifty day moving average is $397.96 and its 200 day moving average is $362.43.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The company had revenue of $22.19 billion for the quarter, compared to analysts’ expectations of $22.13 billion. During the same quarter in the previous year, the firm posted $1.58 earnings per share. Broadcom’s revenue for the quarter was up 47.9% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 9.97 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a $0.65 dividend. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s payout ratio is currently 43.33%.
Insider Buying and Selling
In related news, Director Justine Page sold 2,018 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the sale, the director owned 18,164 shares of the company’s stock, valued at $6,411,892. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the business’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the sale, the insider directly owned 278,141 shares in the company, valued at approximately $89,450,145.60. This represents a 15.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock valued at $106,425,249 over the last quarter. 1.90% of the stock is currently owned by company insiders.
More Broadcom News
Here are the key news stories impacting Broadcom this week:
- Positive Sentiment: Broadcom announced expanded security investments for the Spring and Java ecosystem, aiming to help enterprise customers defend against AI-enabled threats and reinforcing its software strategy. Broadcom Expands Its Investment in Spring and Java Ecosystem Security to Prepare Customers for AI-Enabled Threats
- Positive Sentiment: Several analysts and market commentators said the recent post-earnings decline may be exaggerated, arguing that Broadcom’s strong revenue growth and AI momentum still support the long-term story. Jim Cramer on Broadcom: “The Disappointing Earnings May Not Be as Crushing as We Think”
- Positive Sentiment: Wall Street sentiment remains constructive, with Bank of America raising its price target on Broadcom to $530 from $450 while keeping a Buy rating after the latest quarterly results and guidance. Is Broadcom (AVGO) the Best Stock in Chase Coleman’s Tiger Global?
About Broadcom
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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