Broadcom Inc. $AVGO is Legal & General Group Plc’s 5th Largest Position

Legal & General Group Plc lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,450,786 shares of the semiconductor manufacturer’s stock after buying an additional 748,709 shares during the quarter. Broadcom makes up about 2.5% of Legal & General Group Plc’s investment portfolio, making the stock its 5th largest position. Legal & General Group Plc owned about 0.71% of Broadcom worth $11,035,749,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after acquiring an additional 6,222,802 shares during the last quarter. State Street Corp boosted its holdings in shares of Broadcom by 0.5% during the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after purchasing an additional 873,963 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock valued at $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new position in shares of Broadcom during the second quarter valued at about $18,579,549,000. Finally, Invesco Ltd. grew its position in shares of Broadcom by 8.4% during the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after purchasing an additional 2,978,768 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on AVGO shares. Barclays reiterated an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Oppenheimer raised their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft set a $430.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Friday, December 12th. Zacks Research cut Broadcom from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Finally, Piper Sandler reiterated an “overweight” rating and set a $430.00 target price (up from $375.00) on shares of Broadcom in a research report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $435.30.

Broadcom Stock Up 4.6%

Shares of NASDAQ:AVGO opened at $345.75 on Tuesday. The company has a market cap of $1.64 trillion, a price-to-earnings ratio of 67.53, a PEG ratio of 0.77 and a beta of 1.22. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $333.68 and a 200 day moving average price of $343.89.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The company had revenue of $19.31 billion for the quarter, compared to analysts’ expectations of $19.10 billion. During the same period in the previous year, the firm posted $1.60 earnings per share. The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s payout ratio is currently 50.78%.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of Broadcom stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at $96,428,573.34. The trade was a 9.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the transaction, the insider owned 266,494 shares in the company, valued at $87,316,759.10. This trade represents a 12.56% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 458,785 shares of company stock valued at $155,508,157. 1.90% of the stock is currently owned by insiders.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.