LGT Group Foundation Buys 4,278 Shares of Broadcom Inc. (NASDAQ:AVGO)

LGT Group Foundation boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,560 shares of the semiconductor manufacturer’s stock after buying an additional 4,278 shares during the period. Broadcom accounts for approximately 2.0% of LGT Group Foundation’s investment portfolio, making the stock its 10th largest holding. LGT Group Foundation’s holdings in Broadcom were worth $135,764,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. increased its holdings 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 acquired a new position in shares of Broadcom during the first quarter valued at $29,000. Delta Asset Management LLC TN increased its holdings 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 acquired a new position in shares of Broadcom during the first quarter valued at $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in shares of Broadcom during the first quarter valued at $37,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $148.21 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16. The business’s 50-day moving average price is $188.66 and its two-hundred day moving average price is $156.32. The company has a market capitalization of $689.90 billion, a P/E ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm 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 firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. Analysts anticipate that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.43%. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on AVGO shares. Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Oppenheimer lowered their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Melius Research initiated coverage on Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Piper Sandler lifted their target price on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Finally, Mizuho lifted 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. Two research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Buying and Selling

In other Broadcom 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 transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred 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 transaction, the director now 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. Also, 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 transaction of $12,798,036.90. Following 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 currently 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.