Wedge Capital Management L L P NC Buys 27 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wedge Capital Management L L P NC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 742 shares of the semiconductor manufacturer’s stock after purchasing an additional 27 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Broadcom were worth $828,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of AVGO. International Assets Investment Management LLC raised its holdings in Broadcom by 113,495.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the period. Wellington Management Group LLP increased its stake in Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after buying an additional 1,228,755 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Broadcom in the 3rd quarter worth $560,563,000. FMR LLC increased its stake in Broadcom by 16.7% in the 3rd quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after buying an additional 573,826 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Broadcom by 19.1% in the 3rd quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock worth $2,663,339,000 after buying an additional 514,120 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 3.0 %

Shares of NASDAQ AVGO opened at $1,294.42 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The company has a market cap of $599.86 billion, a P/E ratio of 47.98, a PEG ratio of 2.55 and a beta of 1.25. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The firm has a 50-day simple moving average of $1,304.73 and a two-hundred day simple moving average of $1,130.68.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter last year, the firm earned $9.83 earnings per share. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is presently 77.84%.

Insider Activity

In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares of the company’s stock, valued at $61,957,296.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Justine Page sold 110 shares of Broadcom stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,920 shares of company stock valued at $40,306,667. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVGO shares. Evercore ISI started coverage on Broadcom in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $1,620.00 price target for the company. UBS Group raised their price objective on Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Barclays raised their price objective on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Mizuho raised their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

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.