LGT Fund Management Co Ltd. Has $13.35 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

LGT Fund Management Co Ltd. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 172.1% in the 2nd quarter, Holdings Channel reports. The firm owned 8,313 shares of the semiconductor manufacturer’s stock after acquiring an additional 5,258 shares during the period. Broadcom accounts for approximately 1.6% of LGT Fund Management Co Ltd.’s holdings, making the stock its 13th largest position. LGT Fund Management Co Ltd.’s holdings in Broadcom were worth $13,347,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. raised its holdings in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new position in Broadcom during the first quarter worth about $29,000. Delta Asset Management LLC TN lifted its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter valued at approximately $37,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Broadcom Stock Performance

Shares of Broadcom stock opened at $158.27 on Thursday. The business has a 50-day moving average price of $188.37 and a two-hundred day moving average price of $156.34. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16. 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 company has a market cap of $736.73 billion, a P/E ratio of 6.81, a PEG ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date of this dividend 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%.

Analysts Set New Price Targets

Several brokerages recently commented on AVGO. Rosenblatt Securities dropped their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Truist Financial raised their price objective on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. upped their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Barclays increased their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.