RPG Investment Advisory LLC Invests $241,000 in Broadcom Inc. (NASDAQ:AVGO)

RPG Investment Advisory LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel reports. The firm acquired 150 shares of the semiconductor manufacturer’s stock, valued at approximately $241,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after purchasing an additional 1,303,462 shares during the period. Capital International Investors raised its holdings in Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after acquiring an additional 1,006,223 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter worth approximately $6,225,987,000. Northern Trust Corp grew its holdings in shares of Broadcom by 3.7% during the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after purchasing an additional 170,063 shares in the last quarter. Finally, Jennison Associates LLC raised its stake in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Melius assumed coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Bank of America reiterated a “buy” rating and set a $215.00 target price (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Wells Fargo & Company increased their price target on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Morgan Stanley raised their price target on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Up 6.8 %

Shares of Broadcom stock opened at $158.27 on Thursday. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The business has a fifty day simple moving average of $188.37 and a 200 day simple moving average of $156.34. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market cap of $736.73 billion, a PE ratio of 6.81, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company posted $0.95 EPS. Research analysts predict that Broadcom Inc. will post 3.75 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.34%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

About Broadcom

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.