AMF Tjanstepension AB Buys 908,585 Shares of Broadcom Inc. (NASDAQ:AVGO)

AMF Tjanstepension AB raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 856.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,014,616 shares of the semiconductor manufacturer’s stock after purchasing an additional 908,585 shares during the quarter. Broadcom accounts for about 1.3% of AMF Tjanstepension AB’s investment portfolio, making the stock its 19th largest position. AMF Tjanstepension AB’s holdings in Broadcom were worth $175,101,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVGO. Legend Financial Advisors Inc. grew its holdings in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 8 shares in the last quarter. Richardson Capital Management LLC bought a new position in shares of Broadcom during the first quarter worth $29,000. Delta Asset Management LLC TN grew its stake in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Broadcom in the 1st quarter valued at $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom in the 4th quarter worth $43,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares in the company, valued at $126,754,425.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 233,452 shares of company stock valued at $51,278,838. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.9 %

NASDAQ AVGO opened at $170.66 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $794.40 billion, a PE ratio of 7.34, a PEG ratio of 2.78 and a beta of 1.17. The company’s 50-day moving average price is $158.69 and its 200-day moving average price is $149.13. Broadcom Inc. has a 12 month low of $80.89 and a 12 month high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. Equities research analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.24%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Wall Street Analyst Weigh In

Several research firms have commented on AVGO. Evercore ISI raised their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. The Goldman Sachs Group increased their target price on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Morgan Stanley upped their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Finally, Truist Financial upped their target price on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Company 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.