Primecap Management Co. CA Has $153.21 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Primecap Management Co. CA lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 61.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 95,428 shares of the semiconductor manufacturer’s stock after purchasing an additional 36,317 shares during the quarter. Primecap Management Co. CA’s holdings in Broadcom were worth $153,213,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Legend Financial Advisors Inc. grew its position in Broadcom by 72.7% in the first 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 acquired a new stake in shares of Broadcom in the 1st quarter valued at $29,000. Delta Asset Management LLC TN boosted its stake in shares of Broadcom by 242.9% in the 1st 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 in the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 0.9 %

AVGO opened at $162.47 on Wednesday. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The firm has a market cap of $756.28 billion, a PE ratio of 6.99, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm’s fifty day moving average is $157.17 and its two-hundred day moving average is $146.21.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm 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 company’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 2,540 shares of the business’s 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 sale, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction 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 disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AVGO. Sanford C. Bernstein boosted their target price on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Rosenblatt Securities reduced their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Truist Financial increased their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Wells Fargo & Company lifted their price target on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Finally, Piper Sandler raised their price objective on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $189.23.

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.