Broadcom Inc. $AVGO is QRG Capital Management Inc.’s 6th Largest Position

QRG Capital Management Inc. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 707,367 shares of the semiconductor manufacturer’s stock after purchasing an additional 33,262 shares during the period. Broadcom comprises 2.7% of QRG Capital Management Inc.’s investment portfolio, making the stock its 6th biggest position. QRG Capital Management Inc.’s holdings in Broadcom were worth $244,820,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of AVGO. Arrowstreet Capital Limited Partnership increased its stake in shares of Broadcom by 499.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 5,634,232 shares of the semiconductor manufacturer’s stock worth $1,858,789,000 after purchasing an additional 4,694,313 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Broadcom by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Broadcom by 47.5% during the fourth quarter. Nordea Investment Management AB now owns 9,814,757 shares of the semiconductor manufacturer’s stock worth $3,406,211,000 after purchasing an additional 3,160,586 shares in the last quarter. Danske Bank A S purchased a new stake in shares of Broadcom during the third quarter worth about $987,488,000. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of Broadcom during the fourth quarter worth about $924,858,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director Justine Page sold 2,018 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the completion of the sale, the director owned 18,164 shares of the company’s stock, valued at $6,411,892. This represents a 10.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the sale, the insider directly owned 787,184 shares of the company’s stock, valued at approximately $271,759,532.32. This trade represents a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.4%

Shares of NASDAQ AVGO opened at $428.43 on Tuesday. Broadcom Inc. has a 12-month low of $215.88 and a 12-month high of $437.68. The stock has a market cap of $2.03 trillion, a PE ratio of 83.68, a P/E/G ratio of 0.89 and a beta of 1.43. 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 of $356.98 and a 200 day moving average of $352.45.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business had revenue of $19.31 billion during the quarter, compared to analysts’ expectations of $19.10 billion. During the same quarter in the prior year, the company posted $1.60 EPS. The business’s revenue for the quarter was up 29.5% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom’s dividend payout ratio is 50.78%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Benchmark reissued a “buy” rating and set a $485.00 target price on shares of Broadcom in a research note on Thursday, March 5th. Weiss Ratings cut shares of Broadcom from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday, April 24th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $475.00 to $500.00 and gave the company an “overweight” rating in a research note on Thursday, March 5th. Morgan Stanley upped their price objective on shares of Broadcom from $462.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday, March 6th. Finally, Wolfe Research raised shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price objective for the company in a research note on Friday, January 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $435.30.

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.