Skandinaviska Enskilda Banken AB publ Buys 12,378 Shares of Broadcom Inc. (NASDAQ:AVGO)

Skandinaviska Enskilda Banken AB publ raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 169,357 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,378 shares during the quarter. Broadcom makes up approximately 1.3% of Skandinaviska Enskilda Banken AB publ’s holdings, making the stock its 12th largest position. Skandinaviska Enskilda Banken AB publ’s holdings in Broadcom were worth $271,908,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legend Financial Advisors Inc. lifted its position 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 acquiring an additional 8 shares during the period. Richardson Capital Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth approximately $29,000. Delta Asset Management LLC TN increased its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in Broadcom in the first quarter worth $36,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Broadcom in the first quarter worth $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVGO. Bank of America reiterated a “buy” rating and issued a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Oppenheimer dropped their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. William Blair assumed coverage on shares of Broadcom in a research report on Wednesday. They set an “outperform” rating for the company. Melius Research initiated coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Finally, Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Price Performance

NASDAQ AVGO opened at $167.42 on Friday. The stock has a market cap of $779.32 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company’s 50 day moving average is $156.80 and its two-hundred day moving average is $146.69. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. As a group, research analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.27%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on 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 directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.