560 Shares in Broadcom Inc. (NASDAQ:AVGO) Purchased by Destination Wealth Management

Destination Wealth Management acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 560 shares of the semiconductor manufacturer’s stock, valued at approximately $259,000.

Several other hedge funds also recently bought and sold shares of AVGO. Norges Bank bought a new position in shares of Broadcom in the fourth quarter worth about $1,735,510,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 acquiring an additional 964,559 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Broadcom by 1.0% in the fourth quarter. BlackRock Inc. now owns 26,016,338 shares of the semiconductor manufacturer’s stock worth $11,391,253,000 after acquiring an additional 244,861 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Broadcom by 4,211.9% in the fourth quarter. Bessemer Group Inc. now owns 182,999 shares of the semiconductor manufacturer’s stock worth $80,127,000 after acquiring an additional 178,755 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Broadcom by 33,574.7% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 167,700 shares of the semiconductor manufacturer’s stock worth $73,427,000 after acquiring an additional 167,202 shares during the last quarter. 80.62% of the stock is owned by hedge funds and other institutional investors.

Broadcom stock opened at $439.94 on Tuesday. The stock has a market capitalization of $179.63 billion, a price-to-earnings ratio of 69.94, a PEG ratio of 1.50 and a beta of 1.05. Broadcom Inc. has a 52-week low of $268.00 and a 52-week high of $495.14. The stock’s 50 day moving average price is $464.00 and its two-hundred day moving average price is $442.55. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.71 and a current ratio of 1.87.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, March 3rd. The semiconductor manufacturer reported $6.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.56 by $0.05. Broadcom had a return on equity of 35.23% and a net margin of 12.39%. The firm had revenue of $6.66 billion for the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the prior year, the business earned $5.25 EPS. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 23.14 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 31st. Investors of record on Monday, March 22nd were issued a $3.60 dividend. This represents a $14.40 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend was Friday, March 19th. Broadcom’s dividend payout ratio is currently 78.05%.

In related news, insider Thomas H. Krause sold 16,827 shares of the stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $478.61, for a total value of $8,053,570.47. Also, Director Eddy W. Hartenstein sold 530 shares of the stock in a transaction on Tuesday, March 9th. The stock was sold at an average price of $439.86, for a total value of $233,125.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,997 shares of company stock worth $13,240,028. 3.00% of the stock is owned by company insiders.

AVGO has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on Broadcom from $500.00 to $570.00 and gave the company an “overweight” rating in a research note on Thursday, March 11th. Cowen upped their price objective on Broadcom from $415.00 to $470.00 and gave the company a “market perform” rating in a research note on Tuesday, March 2nd. Morgan Stanley upped their price objective on Broadcom from $521.00 to $538.00 and gave the company an “overweight” rating in a research note on Monday, March 8th. Barclays upped their price objective on Broadcom from $450.00 to $500.00 and gave the company an “overweight” rating in a research note on Tuesday, January 26th. They noted that the move was a valuation call. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Broadcom in a research note on Sunday, March 7th. Five analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $469.15.

Broadcom Profile

Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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