Itau Unibanco Holding S.A. Acquires New Position in Broadcom Inc. (NASDAQ:AVGO)

Itau Unibanco Holding S.A. bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 12,919 shares of the semiconductor manufacturer’s stock, valued at approximately $20,742,000. Broadcom makes up about 0.9% of Itau Unibanco Holding S.A.’s investment portfolio, making the stock its 26th biggest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legend Financial Advisors Inc. lifted its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC purchased a new position in shares of Broadcom in the first quarter worth $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom during the first quarter valued at $36,000. Finally, Ulland Investment Advisors LLC purchased a new stake in shares of Broadcom during the first quarter valued at $37,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $171.10 on Friday. The stock has a market cap of $796.45 billion, a PE ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The firm has a fifty day moving average price of $156.81 and a 200-day moving average price of $146.91. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business posted $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AVGO shares. Oppenheimer decreased their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Melius started coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective on the stock. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Evercore ISI lifted their price objective on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Broadcom Company Profile

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.