Bank of Montreal Can Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Bank of Montreal Can boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,760,377 shares of the semiconductor manufacturer’s stock after purchasing an additional 20,811 shares during the quarter. Broadcom comprises about 1.4% of Bank of Montreal Can’s investment portfolio, making the stock its 9th largest holding. Bank of Montreal Can owned about 0.38% of Broadcom worth $2,908,160,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Capital International Ltd. CA increased its position in shares of Broadcom by 1.7% in the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after buying an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new position in Broadcom in the fourth quarter valued at about $2,238,000. Gryphon Financial Partners LLC increased its holdings in shares of Broadcom by 99.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. Ensign Peak Advisors Inc raised its position in shares of Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after purchasing an additional 84,196 shares during the period. Finally, Steward Partners Investment Solutions LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $2,205,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

Shares of AVGO stock opened at $171.10 on Monday. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16. The stock has a market cap of $796.45 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. The firm’s 50-day moving average is $156.81 and its 200-day moving average is $146.91. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the company earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly 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, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Evercore ISI raised their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. Mizuho increased their target price on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Piper Sandler boosted their price target on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.