Sumitomo Life Insurance Co. Acquires 101,722 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sumitomo Life Insurance Co. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 1,052.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,383 shares of the semiconductor manufacturer’s stock after purchasing an additional 101,722 shares during the period. Broadcom comprises about 0.4% of Sumitomo Life Insurance Co.’s investment portfolio, making the stock its 17th largest position. Sumitomo Life Insurance Co.’s holdings in Broadcom were worth $19,214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in AVGO. Swedbank AB raised its position in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Handelsbanken Fonder AB increased its stake in shares of Broadcom by 826.3% during the third quarter. Handelsbanken Fonder AB now owns 2,963,813 shares of the semiconductor manufacturer’s stock valued at $511,258,000 after buying an additional 2,643,845 shares during the period. Vanguard Group Inc. increased its stake in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after buying an additional 1,303,462 shares during the period. Jennison Associates LLC raised its holdings in shares of Broadcom by 43.9% in 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 acquiring an additional 1,263,957 shares in the last quarter. Finally, Guinness Asset Management LTD lifted its stake in Broadcom by 937.1% in the third quarter. Guinness Asset Management LTD now owns 1,331,971 shares of the semiconductor manufacturer’s stock worth $229,755,000 after acquiring an additional 1,203,544 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the transaction, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on AVGO. Bank of America reissued a “buy” rating and set a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. UBS Group reduced their price objective on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. TD Cowen raised Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Rosenblatt Securities decreased their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Finally, Truist Financial raised their price objective on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Two 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 company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.54.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $176.82 on Thursday. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. 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 firm has a market cap of $823.08 billion, a P/E ratio of 7.61, a P/E/G ratio of 2.99 and a beta of 1.17. The business’s 50 day moving average price is $165.17 and its 200 day moving average price is $152.58.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, sell-side analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.20%. Broadcom’s dividend payout ratio is presently 9.12%.

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.