Everence Capital Management Inc. Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Everence Capital Management Inc. raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,549 shares of the semiconductor manufacturer’s stock after buying an additional 1,060 shares during the period. Broadcom comprises approximately 0.9% of Everence Capital Management Inc.’s investment portfolio, making the stock its 16th biggest position. Everence Capital Management Inc.’s holdings in Broadcom were worth $12,892,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. State Street Corp boosted its holdings in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after purchasing an additional 794,832 shares during the period. Morgan Stanley boosted its holdings in shares of Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after purchasing an additional 651,014 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Broadcom by 11.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after purchasing an additional 488,405 shares during the period. Northern Trust Corp raised its stake in Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after buying an additional 93,615 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in Broadcom by 4.4% in the second quarter. Nuveen Asset Management LLC now owns 4,280,218 shares of the semiconductor manufacturer’s stock worth $3,712,789,000 after buying an additional 179,272 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock traded up $25.43 during midday trading on Tuesday, reaching $1,336.12. The company had a trading volume of 1,193,097 shares, compared to its average volume of 2,950,400. The company has a market capitalization of $619.18 billion, a P/E ratio of 48.76, a P/E/G ratio of 2.74 and a beta of 1.25. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The firm’s fifty day simple moving average is $1,304.36 and its 200-day simple moving average is $1,110.50. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $9.83 EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.57%. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock worth $40,306,667 in the last 90 days. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AVGO. Mizuho boosted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. UBS Group upped their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Evercore ISI assumed coverage on Broadcom in a research report on Tuesday. They set an “outperform” rating and a $1,620.00 price target on the stock. Barclays assumed coverage on Broadcom in a research report on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 target price on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $1,281.09.

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.