Auto Owners Insurance Co Takes $267,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Auto Owners Insurance Co bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 239 shares of the semiconductor manufacturer’s stock, valued at approximately $267,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Broadcom in the fourth quarter valued at $6,225,987,000. Northern Trust Corp increased its stake in shares of Broadcom by 2.1% during the 3rd quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after acquiring an additional 93,615 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Broadcom by 43.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after acquiring an additional 1,228,755 shares during the period. FMR LLC boosted its position in shares of Broadcom by 16.7% in the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after acquiring an additional 573,826 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in Broadcom by 113,495.7% in the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after purchasing an additional 3,324,288 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 110 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares in the company, valued at $4,134,375. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Oppenheimer reissued an “outperform” rating and set a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Evercore ISI began coverage on Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target for the company. Susquehanna lifted their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Jefferies Financial Group initiated coverage on shares of Broadcom in a research report on Monday, May 13th. They set a “buy” rating and a $1,550.00 target price for the company. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $1,341.16.

Broadcom Stock Performance

NASDAQ:AVGO traded up $65.76 during trading hours on Wednesday, reaching $1,396.58. 1,168,038 shares of the stock were exchanged, compared to its average volume of 2,780,768. The stock has a market capitalization of $647.20 billion, a P/E ratio of 51.39, a P/E/G ratio of 2.64 and a beta of 1.17. The firm has a 50 day simple moving average of $1,333.05 and a 200-day simple moving average of $1,224.99. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52 week low of $776.38 and a 52 week high of $1,445.40.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the business posted $9.83 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 36.06 earnings per share for the current fiscal year.

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.