Point72 Italy S.r.l. Purchases New Position in Broadcom Inc. (NASDAQ:AVGO)

Point72 Italy S.r.l. acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 8,800 shares of the semiconductor manufacturer’s stock, valued at approximately $14,129,000. Broadcom accounts for 6.1% of Point72 Italy S.r.l.’s holdings, making the stock its 5th biggest position.

Other large investors have also recently made changes to their positions in the company. Swedbank AB purchased a new position in shares of Broadcom during the first quarter valued at about $2,835,737,000. Vanguard Group Inc. lifted its stake in shares of 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. Jennison Associates LLC boosted its position in shares of Broadcom by 43.9% during 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. Capital International Investors grew its stake in Broadcom by 4.5% in the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after purchasing an additional 1,006,223 shares during the period. Finally, GQG Partners LLC raised its holdings in Broadcom by 48.9% in the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after purchasing an additional 983,328 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $174.84 on Wednesday. Broadcom Inc. has a 52 week low of $80.44 and a 52 week 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. The stock has a market cap of $813.86 billion, a price-to-earnings ratio of 7.52, a PEG ratio of 2.55 and a beta of 1.16. The business has a 50-day simple moving average of $156.95 and a two-hundred day simple moving average of $147.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter last year, the business earned $0.95 EPS. The firm’s revenue was up 47.3% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The company 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 is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s payout ratio is 9.12%.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a report on Thursday, June 13th. Mizuho lifted their price target on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Morgan Stanley boosted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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 directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction 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 directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,702 shares of company stock valued at $25,206,941. Company insiders own 2.00% of the company’s stock.

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.