Renaissance Technologies LLC Takes $472.21 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Renaissance Technologies LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 294,115 shares of the semiconductor manufacturer’s stock, valued at approximately $472,213,000. Broadcom comprises approximately 0.8% of Renaissance Technologies LLC’s holdings, making the stock its 9th largest holding. Renaissance Technologies LLC owned 0.06% of Broadcom at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barry Investment Advisors LLC purchased a new position in Broadcom during the fourth quarter worth about $228,000. Capital International Ltd. CA raised its holdings in Broadcom by 1.7% during the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after purchasing an additional 1,310 shares in the last quarter. Focus Financial Network Inc. ADV purchased a new position in Broadcom during the fourth quarter worth about $2,238,000. Gryphon Financial Partners LLC raised its holdings in Broadcom by 99.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares in the last quarter. Finally, Steward Partners Investment Solutions LLC purchased a new position in Broadcom during the fourth quarter worth about $2,205,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The shares were 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 approximately $4,809,714.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 1.9 %

Shares of NASDAQ AVGO opened at $167.69 on Monday. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The firm’s 50 day moving average price is $188.15 and its 200 day moving average price is $157.03. The firm has a market cap of $780.58 billion, a P/E ratio of 7.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.95 earnings per share. As a group, sell-side analysts anticipate 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. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Citigroup reaffirmed a “buy” rating and issued a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Evercore ISI increased their target price on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Benchmark reaffirmed a “buy” rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Morgan Stanley increased 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. Finally, Jefferies Financial Group increased their target price on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $189.23.

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.