Pittenger & Anderson Inc. Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pittenger & Anderson Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 3.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 64,235 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,335 shares during the period. Pittenger & Anderson Inc.’s holdings in Broadcom were worth $14,892,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. State Street Corp boosted its holdings in shares of Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 976.6% in the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after purchasing an additional 89,975,941 shares during the last quarter. FMR LLC boosted its holdings in shares of Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Broadcom by 842.4% in the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $226.89 on Friday. The company has a 50-day moving average of $230.21 and a 200-day moving average of $189.26. The company has a market capitalization of $1.06 trillion, a P/E ratio of 185.06, a PEG ratio of 2.39 and a beta of 1.02. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.04%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 192.50%.

Insider Transactions at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AVGO shares. Benchmark reiterated a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Mizuho lifted their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Morgan Stanley reduced their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a report on Tuesday, January 28th. Finally, Robert W. Baird lifted their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $225.04.

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.