Victory Capital Management Inc. Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Victory Capital Management Inc. increased its position in Broadcom Inc. (NASDAQ:AVGO) by 12.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 612,397 shares of the semiconductor manufacturer’s stock after purchasing an additional 70,050 shares during the period. Broadcom accounts for about 0.7% of Victory Capital Management Inc.’s investment portfolio, making the stock its 8th biggest holding. Victory Capital Management Inc.’s holdings in Broadcom were worth $683,588,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $25,000. PSI Advisors LLC raised its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares during the period. Macroview Investment Management LLC bought a new position in shares of Broadcom in the 3rd quarter worth about $29,000. BKM Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $29,000. Finally, CKW Financial Group acquired a new position in shares of Broadcom in the 4th quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVGO. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Mizuho raised their price target on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Oppenheimer restated an “outperform” rating and set a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Stock Down 3.3 %

NASDAQ AVGO traded down $42.43 during trading on Wednesday, hitting $1,257.84. 920,510 shares of the company traded hands, compared to its average volume of 2,881,930. The company has a market capitalization of $582.91 billion, a P/E ratio of 47.07, a PEG ratio of 2.72 and a beta of 1.25. The business has a fifty day simple moving average of $1,310.04 and a 200 day simple moving average of $1,143.82. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s revenue was up 34.2% compared to the same quarter last year. During the same period last year, the business earned $9.83 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Buying and Selling

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Broadcom 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.