Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Krane Funds Advisors LLC

by · The Markets Daily

Krane Funds Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 70.8% in the 1st quarter, HoldingsChannel reports. The firm owned 2,696 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,118 shares during the period. Krane Funds Advisors LLC’s holdings in Broadcom were worth $451,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. SlateStone Wealth LLC boosted its position in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC raised its stake in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares during the last quarter. Cascade Financial Partners LLC raised its stake in Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares during the last quarter. Samalin Investment Counsel LLC raised its stake in Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after acquiring an additional 50 shares during the last quarter. Finally, Mizuho Bank Ltd. raised its stake in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock valued at $174,000 after acquiring an additional 50 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO stock opened at $269.90 on Thursday. The stock has a 50-day moving average price of $235.38 and a two-hundred day moving average price of $216.81. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.27 trillion, a PE ratio of 101.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 854,716 shares of company stock valued at $221,433,761. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Barclays raised their price target on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Cowen reissued a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Finally, Mizuho raised their price target on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $281.25.

View Our Latest Stock Report on Broadcom

About Broadcom

(Free Report)

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.

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