Prudential PLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Prudential PLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,092 shares of the semiconductor manufacturer’s stock after buying an additional 4,733 shares during the quarter. Broadcom accounts for approximately 0.5% of Prudential PLC’s investment portfolio, making the stock its 20th largest position. Prudential PLC’s holdings in Broadcom were worth $74,002,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in AVGO. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the period. Richardson Capital Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at $29,000. Delta Asset Management LLC TN boosted its stake in shares of 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 purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom in the first quarter valued at about $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in shares of Broadcom in the first quarter valued at about $37,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on AVGO shares. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Wells Fargo & Company lifted their price objective on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Morgan Stanley lifted their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Melius started coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. Finally, Bank of America restated a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Price Performance

NASDAQ AVGO opened at $148.21 on Wednesday. The company has a market cap of $689.90 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock’s fifty day moving average price is $188.66 and its 200 day moving average price is $156.32. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.95 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 3.75 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.43%. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.12%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

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.