Payden & Rygel Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Payden & Rygel grew its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 1,746.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 78,490 shares of the semiconductor manufacturer’s stock after purchasing an additional 74,240 shares during the period. Broadcom makes up about 2.5% of Payden & Rygel’s portfolio, making the stock its 3rd biggest position. Payden & Rygel’s holdings in Broadcom were worth $49,424,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of AVGO. State Street Corp boosted its holdings in shares of Broadcom by 3.4% during the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock valued at $11,001,395,000 after acquiring an additional 542,398 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 6,809,021 shares of the semiconductor manufacturer’s stock valued at $4,518,636,000 after purchasing an additional 197,415 shares during the period. Northern Trust Corp lifted its stake in shares of Broadcom by 1.6% in the 4th quarter. Northern Trust Corp now owns 4,895,299 shares of the semiconductor manufacturer’s stock valued at $3,257,382,000 after purchasing an additional 77,517 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of Broadcom by 16.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after purchasing an additional 624,821 shares during the period. Finally, Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at about $2,403,800,000. Institutional investors own 81.53% of the company’s stock.

A number of analysts recently commented on the company. KeyCorp boosted their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a research report on Friday, May 27th. Morgan Stanley lowered their price objective on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a report on Friday, March 4th. Mizuho lifted their target price on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Finally, Piper Sandler reiterated a “buy” rating and set a $750.00 price target on shares of Broadcom in a research note on Tuesday, May 24th. Four equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $685.70.

Shares of AVGO traded up $1.99 during trading on Thursday, reaching $498.09. 6,688 shares of the company traded hands, compared to its average volume of 2,341,752. Broadcom Inc. has a twelve month low of $455.71 and a twelve month high of $677.76. The stock has a market cap of $201.14 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 0.95 and a beta of 1.04. The stock has a 50-day simple moving average of $560.85 and a 200-day simple moving average of $588.85. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, beating analysts’ consensus estimates of $7.88 by $1.19. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. During the same period last year, the business earned $5.89 earnings per share. The business’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 33.95 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd will be issued a $4.10 dividend. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Tuesday, June 21st. Broadcom’s dividend payout ratio (DPR) is currently 81.31%.

Broadcom announced that its board has authorized a stock buyback plan on Thursday, May 26th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

In related news, CFO Kirsten M. Spears sold 3,000 shares of Broadcom stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $625.86, for a total value of $1,877,580.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $629.55, for a total transaction of $299,665.80. Following the completion of the transaction, the director now owns 1,560 shares of the company’s stock, valued at approximately $982,098. The disclosure for this sale can be found here. Insiders sold 3,676 shares of company stock valued at $2,302,180 in the last 90 days. Company insiders own 2.30% of the company’s stock.

Broadcom Company Profile (Get Rating)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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