Allen Investment Management LLC Has $5.34 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Allen Investment Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,326 shares of the semiconductor manufacturer’s stock after selling 307 shares during the quarter. Allen Investment Management LLC’s holdings in Broadcom were worth $5,340,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position 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 worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Capital International Investors boosted its holdings in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after buying an additional 1,006,223 shares during the last quarter. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth about $6,225,987,000. Northern Trust Corp increased its stake in shares of Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock valued at $5,386,425,000 after acquiring an additional 170,063 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of Broadcom by 43.9% in the 1st 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 during the period. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Evercore ISI upped their target price on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Melius Research assumed coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective on the stock. JPMorgan Chase & Co. lifted 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. Finally, Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Performance

Broadcom stock opened at $167.69 on Friday. The business has a 50 day moving average of $188.15 and a 200-day moving average of $156.65. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The company has a market capitalization of $780.58 billion, a P/E ratio of 7.21, a P/E/G ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared 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 is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is presently 9.03%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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.