Magnetar Financial LLC Takes Position in Broadcom Limited (AVGO)
Magnetar Financial LLC purchased a new position in Broadcom Limited (NASDAQ:AVGO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,231 shares of the semiconductor manufacturer’s stock, valued at approximately $299,000.
Several other institutional investors have also recently added to or reduced their stakes in AVGO. Ameriprise Financial Inc. increased its stake in Broadcom by 18.2% in the second quarter. Ameriprise Financial Inc. now owns 8,704,177 shares of the semiconductor manufacturer’s stock valued at $2,028,442,000 after acquiring an additional 1,338,695 shares during the last quarter. Jennison Associates LLC increased its stake in Broadcom by 26.7% in the second quarter. Jennison Associates LLC now owns 5,345,868 shares of the semiconductor manufacturer’s stock valued at $1,245,855,000 after acquiring an additional 1,128,052 shares during the last quarter. Janus Henderson Group PLC increased its stake in Broadcom by 141.2% in the second quarter. Janus Henderson Group PLC now owns 1,884,487 shares of the semiconductor manufacturer’s stock valued at $439,156,000 after acquiring an additional 1,103,030 shares during the last quarter. BlackRock Inc. increased its stake in Broadcom by 3.5% in the second quarter. BlackRock Inc. now owns 23,930,917 shares of the semiconductor manufacturer’s stock valued at $5,577,099,000 after acquiring an additional 798,982 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 3.0% in the second quarter. Vanguard Group Inc. now owns 27,561,770 shares of the semiconductor manufacturer’s stock valued at $6,423,271,000 after acquiring an additional 793,335 shares during the last quarter. 88.98% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Broadcom Limited (NASDAQ:AVGO) opened at $265.73 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 5.80 and a current ratio of 6.39. The firm has a market cap of $108,410.00, a PE ratio of 18.20, a PEG ratio of 1.12 and a beta of 1.05. Broadcom Limited has a 1-year low of $173.31 and a 1-year high of $285.68.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, December 6th. The semiconductor manufacturer reported $4.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.52 by $0.07. The company had revenue of $4.84 billion during the quarter, compared to analyst estimates of $4.84 billion. Broadcom had a net margin of 10.18% and a return on equity of 28.61%. Broadcom’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior year, the business posted $3.47 earnings per share. research analysts predict that Broadcom Limited will post 16.99 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Tuesday, December 19th will be issued a dividend of $1.75 per share. This is a positive change from Broadcom’s previous quarterly dividend of $1.02. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date of this dividend is Monday, December 18th. Broadcom’s dividend payout ratio is currently 334.43%.
A number of research analysts recently commented on AVGO shares. Vetr raised Broadcom from a “hold” rating to a “buy” rating and set a $261.95 target price on the stock in a research note on Monday, August 28th. Royal Bank of Canada reissued a “buy” rating and issued a $285.00 target price (up previously from $270.00) on shares of Broadcom in a research note on Saturday, August 26th. B. Riley reissued a “buy” rating and issued a $305.00 target price on shares of Broadcom in a research note on Thursday, August 31st. Nomura increased their target price on Broadcom to $330.00 and gave the company a “buy” rating in a research note on Friday, December 8th. Finally, Mizuho increased their target price on Broadcom from $290.00 to $310.00 and gave the company a “buy” rating in a research note on Thursday, December 7th. Four research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $303.13.
In other news, insider Hock E. Tan sold 20,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $247.83, for a total transaction of $4,956,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Bryan Ingram sold 794 shares of the stock in a transaction dated Wednesday, December 6th. The stock was sold at an average price of $258.60, for a total transaction of $205,328.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,389 shares of company stock valued at $13,462,476. 3.60% of the stock is currently owned by company insiders.
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Broadcom Limited is a designer, developer and global supplier of a range of semiconductor devices with a focus on digital and mixed signal complementary metal oxide semiconductor (CMOS)-based devices and analog III-V based products. The Company operates through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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