Pacer Advisors Inc. Acquires 931 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pacer Advisors Inc. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.4% in the second quarter, HoldingsChannel reports. The fund owned 69,557 shares of the semiconductor manufacturer’s stock after buying an additional 931 shares during the period. Pacer Advisors Inc.’s holdings in Broadcom were worth $111,676,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Capital International Ltd. CA grew its stake in shares of Broadcom by 1.7% during the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after buying an additional 1,310 shares during the last quarter. Focus Financial Network Inc. ADV bought a new position in Broadcom during the 4th quarter worth approximately $2,238,000. Gryphon Financial Partners LLC increased its stake in Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares during the period. Steward Partners Investment Solutions LLC bought a new stake in Broadcom in the fourth quarter valued at approximately $2,205,000. Finally, Acadian Asset Management LLC boosted its stake in shares of Broadcom by 168.8% during the second quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock valued at $53,046,000 after purchasing an additional 20,753 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

AVGO stock opened at $171.10 on Friday. The business has a 50 day moving average of $156.81 and a 200 day moving average of $146.91. The firm 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 twelve month low of $79.51 and a twelve month high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period last year, the company earned $0.95 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the business’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 completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’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 transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Truist Financial lifted their target price on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and set a $156.00 price objective on shares of Broadcom in a research note on Tuesday, June 11th. UBS Group cut their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Oppenheimer cut their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom 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.