Eaton Vance Management Acquires 1,637 Shares of Broadcom Inc. (NASDAQ:AVGO)

Eaton Vance Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 292,935 shares of the semiconductor manufacturer’s stock after buying an additional 1,637 shares during the period. Eaton Vance Management owned 0.07% of Broadcom worth $135,822,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Capital International Investors raised its stake in Broadcom by 0.8% during the first quarter. Capital International Investors now owns 33,235,928 shares of the semiconductor manufacturer’s stock worth $15,408,693,000 after buying an additional 278,096 shares during the last quarter. BlackRock Inc. grew its holdings in Broadcom by 4.8% in the first quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock worth $12,644,366,000 after purchasing an additional 1,254,432 shares during the period. Geode Capital Management LLC grew its holdings in Broadcom by 4.0% in the first quarter. Geode Capital Management LLC now owns 6,271,223 shares of the semiconductor manufacturer’s stock worth $2,899,533,000 after purchasing an additional 240,694 shares during the period. Northern Trust Corp grew its holdings in Broadcom by 0.6% in the first quarter. Northern Trust Corp now owns 4,758,608 shares of the semiconductor manufacturer’s stock worth $2,206,377,000 after purchasing an additional 30,556 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 27.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,527,743 shares of the semiconductor manufacturer’s stock worth $1,982,154,000 after purchasing an additional 964,559 shares during the period. 80.94% of the stock is owned by institutional investors and hedge funds.

AVGO has been the subject of a number of research reports. Piper Sandler raised their price target on shares of Broadcom from $500.00 to $525.00 and gave the stock an “overweight” rating in a report on Wednesday, June 2nd. Oppenheimer reiterated a “buy” rating and set a $575.00 price objective on shares of Broadcom in a report on Thursday, May 27th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Broadcom from $500.00 to $525.00 and gave the company a “buy” rating in a report on Friday, June 4th. Mizuho lifted their price objective on shares of Broadcom from $490.00 to $520.00 and gave the company a “buy” rating in a report on Friday, June 4th. Finally, Rosenblatt Securities lifted their price objective on shares of Broadcom from $540.00 to $550.00 and gave the company a “buy” rating in a report on Friday, June 4th. Five investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $495.84.

In other news, Director Eddy W. Hartenstein sold 530 shares of the business’s stock in a transaction that occurred on Tuesday, May 18th. The shares were sold at an average price of $438.98, for a total value of $232,659.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 1,590 shares of company stock worth $713,926. Insiders own 2.40% of the company’s stock.

Shares of AVGO stock opened at $479.02 on Thursday. The company has a market capitalization of $196.52 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 1.30 and a beta of 0.93. The company has a current ratio of 2.21, a quick ratio of 2.06 and a debt-to-equity ratio of 1.68. Broadcom Inc. has a 52 week low of $304.18 and a 52 week high of $495.14. The stock has a 50-day moving average of $466.18.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.43 by $0.19. Broadcom had a net margin of 19.11% and a return on equity of 41.39%. The company had revenue of $6.61 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm posted $5.14 earnings per share. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc. will post 24.06 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 22nd were given a $3.60 dividend. This represents a $14.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Monday, June 21st. Broadcom’s dividend payout ratio (DPR) is currently 78.05%.

Broadcom Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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