EP Wealth Advisors LLC Purchases New Stake in Broadcom Inc (NASDAQ:AVGO)

EP Wealth Advisors LLC purchased a new stake in shares of Broadcom Inc (NASDAQ:AVGO) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 61,200 shares of the semiconductor manufacturer’s stock, valued at approximately $18,403,000. Broadcom comprises approximately 1.8% of EP Wealth Advisors LLC’s holdings, making the stock its 18th biggest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc grew its position in Broadcom by 6.6% during the third quarter. Vanguard Group Inc now owns 33,632,811 shares of the semiconductor manufacturer’s stock valued at $8,298,223,000 after buying an additional 2,094,847 shares during the period. Buckingham Capital Management Inc. grew its position in shares of Broadcom by 12.1% in the fourth quarter. Buckingham Capital Management Inc. now owns 13,692 shares of the semiconductor manufacturer’s stock valued at $3,482,000 after purchasing an additional 1,473 shares during the period. CIBC Private Wealth Group LLC grew its position in shares of Broadcom by 15.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 953 shares of the semiconductor manufacturer’s stock valued at $242,000 after purchasing an additional 129 shares during the period. Victory Capital Management Inc. grew its position in shares of Broadcom by 134.8% in the fourth quarter. Victory Capital Management Inc. now owns 111,099 shares of the semiconductor manufacturer’s stock valued at $28,250,000 after purchasing an additional 63,777 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Broadcom by 26,295.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 11,950,143 shares of the semiconductor manufacturer’s stock valued at $47,000 after purchasing an additional 11,904,869 shares during the period. 84.39% of the stock is owned by institutional investors.

A number of equities analysts have commented on AVGO shares. SunTrust Banks reduced their target price on shares of Broadcom to $307.00 and set a “buy” rating on the stock in a research note on Friday. DA Davidson dropped their price objective on shares of Broadcom to $300.00 and set a “buy” rating for the company in a report on Friday. Citigroup dropped their price objective on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a report on Friday. Deutsche Bank lowered their price target on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Broadcom from $365.00 to $350.00 and set an “overweight” rating for the company in a report on Friday. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twenty-eight have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $297.58.

In related news, SVP Charlie B. Kawwas sold 9,330 shares of Broadcom stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $295.05, for a total value of $2,950,500.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 67,824 shares of company stock worth $20,565,519. 3.30% of the stock is owned by company insiders.

Shares of Broadcom stock opened at $265.93 on Monday. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 1.53. Broadcom Inc has a 52 week low of $197.46 and a 52 week high of $323.20. The stock has a market capitalization of $105.27 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.20 and a beta of 0.87.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 EPS for the quarter, topping the consensus estimate of $5.18 by $0.03. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business earned $4.88 earnings per share. Broadcom’s revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc will post 17.55 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 2nd. Shareholders of record on Monday, June 24th will be given a $2.65 dividend. This represents a $10.60 annualized dividend and a yield of 3.99%. The ex-dividend date is Friday, June 21st. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.

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Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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