Select Equity Group L.P. Buys 15,904 Shares of Broadcom Inc. (NASDAQ:AVGO)

Select Equity Group L.P. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 32.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 64,850 shares of the semiconductor manufacturer’s stock after acquiring an additional 15,904 shares during the period. Select Equity Group L.P.’s holdings in Broadcom were worth $30,068,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Eaton Vance Management lifted its holdings in shares of Broadcom by 0.6% during the first quarter. Eaton Vance Management now owns 292,935 shares of the semiconductor manufacturer’s stock worth $135,822,000 after purchasing an additional 1,637 shares during the period. Amundi Asset Management US Inc. lifted its holdings in shares of Broadcom by 13.2% during the first quarter. Amundi Asset Management US Inc. now owns 471,085 shares of the semiconductor manufacturer’s stock worth $218,423,000 after purchasing an additional 54,941 shares during the period. BSW Wealth Partners lifted its holdings in shares of Broadcom by 21.7% during the first quarter. BSW Wealth Partners now owns 927 shares of the semiconductor manufacturer’s stock worth $430,000 after purchasing an additional 165 shares during the period. State of Wisconsin Investment Board lifted its holdings in shares of Broadcom by 4.5% during the first quarter. State of Wisconsin Investment Board now owns 391,409 shares of the semiconductor manufacturer’s stock worth $181,481,000 after purchasing an additional 16,703 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Broadcom by 13.6% during the first quarter. Morgan Stanley now owns 3,339,683 shares of the semiconductor manufacturer’s stock worth $1,548,477,000 after purchasing an additional 400,046 shares during the period. 80.94% of the stock is currently owned by hedge funds and other institutional investors.

In other Broadcom news, Director Eddy W. Hartenstein sold 530 shares of the company’s stock in a transaction dated Tuesday, May 18th. The shares were sold at an average price of $438.98, for a total value of $232,659.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 1,590 shares of company stock valued at $713,926 over the last ninety days. 2.40% of the stock is currently owned by insiders.

NASDAQ:AVGO opened at $476.15 on Thursday. The company has a current ratio of 2.21, a quick ratio of 2.06 and a debt-to-equity ratio of 1.68. The stock’s 50-day simple moving average is $466.18. The company has a market capitalization of $195.35 billion, a P/E ratio of 44.64, a PEG ratio of 1.30 and a beta of 0.93. Broadcom Inc. has a one year low of $304.18 and a one year high of $495.14.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 EPS for the quarter, topping the consensus estimate of $6.43 by $0.19. The company had revenue of $6.61 billion during the quarter, compared to the consensus estimate of $6.51 billion. Broadcom had a net margin of 19.11% and a return on equity of 41.39%. The firm’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.14 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 24.06 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 22nd were given a $3.60 dividend. This represents a $14.40 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Monday, June 21st. Broadcom’s payout ratio is 78.05%.

A number of equities analysts have recently commented on the stock. Oppenheimer reiterated a “buy” rating and set a $575.00 price target on shares of Broadcom in a report on Thursday, May 27th. Barclays boosted their target price on shares of Broadcom from $500.00 to $525.00 and gave the company an “overweight” rating in a report on Friday, June 4th. boosted their target price on shares of Broadcom from $500.00 to $528.00 and gave the company a “buy” rating in a report on Friday, June 4th. Robert W. Baird boosted their target price on shares of Broadcom from $500.00 to $550.00 and gave the company an “outperform” rating in a report on Monday, June 7th. Finally, Piper Sandler boosted their target price on shares of Broadcom from $500.00 to $525.00 and gave the company an “overweight” rating in a report on Wednesday, June 2nd. Five research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $495.84.

Broadcom Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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