Factory Mutual Insurance Co. increased its position in Broadcom Inc (NASDAQ:AVGO) by 0.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 276,388 shares of the semiconductor manufacturer’s stock after buying an additional 300 shares during the period. Broadcom accounts for about 1.2% of Factory Mutual Insurance Co.’s investment portfolio, making the stock its 26th biggest position. Factory Mutual Insurance Co. owned about 0.07% of Broadcom worth $76,302,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Broadcom by 1.8% during the second quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after purchasing an additional 559,961 shares during the period. BlackRock Inc. raised its position in Broadcom by 0.4% during the second quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock valued at $7,421,177,000 after purchasing an additional 105,186 shares during the period. Northern Trust Corp raised its position in Broadcom by 1.1% during the second quarter. Northern Trust Corp now owns 4,971,618 shares of the semiconductor manufacturer’s stock valued at $1,431,130,000 after purchasing an additional 52,034 shares during the period. Bank of New York Mellon Corp raised its position in Broadcom by 2.2% during the second quarter. Bank of New York Mellon Corp now owns 4,120,427 shares of the semiconductor manufacturer’s stock valued at $1,186,106,000 after purchasing an additional 88,958 shares during the period. Finally, Nuveen Asset Management LLC raised its position in Broadcom by 2,421.3% during the second quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after purchasing an additional 3,275,431 shares during the period. Institutional investors and hedge funds own 84.96% of the company’s stock.
A number of equities research analysts have issued reports on AVGO shares. Cowen set a $285.00 price objective on Broadcom and gave the company a “hold” rating in a research report on Thursday, October 10th. Sanford C. Bernstein set a $340.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, September 13th. KeyCorp increased their price target on Broadcom from $330.00 to $340.00 and gave the stock an “overweight” rating in a report on Friday, September 13th. Royal Bank of Canada started coverage on Broadcom in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $320.00 price target on the stock. Finally, Wells Fargo & Co increased their price target on Broadcom from $290.00 to $300.00 and gave the stock a “market perform” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have assigned a buy rating to the company. Broadcom has a consensus rating of “Buy” and a consensus target price of $312.06.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $4.10 by ($0.11). The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business earned $4.98 EPS. As a group, analysts anticipate that Broadcom Inc will post 16.97 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Monday, September 23rd were paid a $2.65 dividend. The ex-dividend date of this dividend was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a yield of 3.66%. Broadcom’s dividend payout ratio (DPR) is 56.29%.
In related news, insider Mark David Brazeal sold 2,000 shares of the firm’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $289.43, for a total value of $578,860.00. Also, CEO Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The disclosure for this sale can be found here. Insiders sold a total of 62,000 shares of company stock valued at $17,550,860 in the last 90 days. 3.30% of the stock is currently owned by company insiders.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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