Ilmarinen Mutual Pension Insurance Co Acquires 7,500 Shares of Broadcom Inc. (NASDAQ:AVGO)

Posted by Defense World Staff on Sep 13th, 2023

Ilmarinen Mutual Pension Insurance Co raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 21.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,500 shares of the semiconductor manufacturer’s stock after acquiring an additional 7,500 shares during the quarter. Broadcom makes up 0.4% of Ilmarinen Mutual Pension Insurance Co’s portfolio, making the stock its 27th largest holding. Ilmarinen Mutual Pension Insurance Co’s holdings in Broadcom were worth $27,265,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. MRP Capital Investments LLC lifted its stake in shares of Broadcom by 60.0% during the 1st quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock valued at $36,000 after buying an additional 21 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new stake in Broadcom in the 4th quarter valued at $39,000. Sageworth Trust Co bought a new stake in Broadcom in the 1st quarter valued at $39,000. VitalStone Financial LLC increased its holdings in Broadcom by 71.4% in the 1st quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock valued at $40,000 after acquiring an additional 25 shares during the last quarter. Finally, Osterweis Capital Management Inc. increased its holdings in Broadcom by 400.0% in the 4th quarter. Osterweis Capital Management Inc. now owns 75 shares of the semiconductor manufacturer’s stock valued at $42,000 after acquiring an additional 60 shares during the last quarter. Hedge funds and other institutional investors own 78.81% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $844.52 on Wednesday. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $923.67. The stock has a market cap of $348.56 billion, a PE ratio of 25.97, a P/E/G ratio of 1.66 and a beta of 1.10. The firm has a 50-day simple moving average of $874.66 and a two-hundred day simple moving average of $757.88. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.13.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, beating analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same period last year, the business earned $9.07 earnings per share. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 37.88 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be paid a $4.60 dividend. This represents a $18.40 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Insider Activity

In other Broadcom news, Director Check Kian Low acquired 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on AVGO. KeyCorp lifted their price target on shares of Broadcom from $940.00 to $1,000.00 and gave the company an “overweight” rating in a report on Friday, September 1st. BMO Capital Markets boosted their target price on shares of Broadcom from $890.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Evercore ISI restated an “outperform” rating and issued a $1,000.00 target price on shares of Broadcom in a report on Friday, September 1st. Bank of America boosted their target price on shares of Broadcom from $950.00 to $1,050.00 in a report on Thursday, June 22nd. Finally, Truist Financial boosted their target price on shares of Broadcom from $942.00 to $995.00 and gave the stock a “buy” rating in a report on Friday, September 8th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.

View Our Latest Stock Report on AVGO

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.