Ameriprise Financial Inc. Buys 778,820 Shares of Broadcom Inc. $AVGO

Ameriprise Financial Inc. raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,990,925 shares of the semiconductor manufacturer’s stock after acquiring an additional 778,820 shares during the period. Broadcom accounts for approximately 1.8% of Ameriprise Financial Inc.’s portfolio, making the stock its 5th largest position. Ameriprise Financial Inc. owned approximately 0.57% of Broadcom worth $7,450,161,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Broadcom during the second quarter worth approximately $18,579,549,000. Price T Rowe Associates Inc. MD raised its stake in Broadcom by 37.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the last quarter. Vanguard Group Inc. lifted its position in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares during the period. Edgewood Management LLC acquired a new position in shares of Broadcom in the second quarter valued at approximately $1,571,438,000. Finally, Alliancebernstein L.P. lifted its holdings in shares of Broadcom by 16.0% during the first quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock worth $4,941,498,000 after purchasing an additional 4,077,910 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $359.93 on Friday. 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 1-year low of $138.10 and a 1-year high of $414.61. The firm has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.38 and a beta of 1.19. The business’s 50-day simple moving average is $363.17 and its 200-day simple moving average is $317.38.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. Broadcom’s payout ratio is 49.58%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AVGO. KeyCorp reaffirmed an “overweight” rating and issued a $500.00 target price (up previously from $460.00) on shares of Broadcom in a report on Friday. Truist Financial set a $500.00 target price on Broadcom in a report on Friday. Bank of America boosted their price objective on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley raised their target price on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a report on Friday. Finally, Macquarie began coverage on Broadcom in a report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price target for the company. Three equities research 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 data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $435.85.

Insider Activity

In other news, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the sale, the insider owned 25,295 shares in the company, valued at $8,798,106.90. This trade represents a 13.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 16,558 shares of the business’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the transaction, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 837,433 shares of company stock worth $303,900,352 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

About Broadcom

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.