Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 109.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 229,312 shares of the semiconductor manufacturer’s stock after buying an additional 119,597 shares during the period. Broadcom comprises 1.0% of Zurcher Kantonalbank Zurich Cantonalbank’s investment portfolio, making the stock its 15th biggest holding. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Broadcom were worth $255,970,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of AVGO. Macroview Investment Management LLC acquired a new stake in shares of Broadcom in the 3rd quarter worth approximately $29,000. BKM Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth approximately $29,000. CKW Financial Group acquired a new stake in shares of Broadcom in the 4th quarter worth approximately $30,000. Indiana Trust & Investment Management CO acquired a new stake in shares of Broadcom in the 3rd quarter worth approximately $32,000. Finally, VitalStone Financial LLC grew its holdings in shares of Broadcom by 71.4% in the 1st quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 25 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO traded up $18.37 during trading on Tuesday, reaching $1,329.06. The stock had a trading volume of 1,843,620 shares, compared to its average volume of 2,960,455. The firm has a market capitalization of $615.91 billion, a price-to-earnings ratio of 48.76, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. 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 1-year low of $601.29 and a 1-year high of $1,438.17. The stock has a 50 day moving average of $1,304.36 and a two-hundred day moving average of $1,110.50.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period in the prior year, the firm posted $9.83 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 35.95 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Evercore ISI assumed coverage on Broadcom in a report on Tuesday. They issued an “outperform” rating and a $1,620.00 price target on the stock. UBS Group increased their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Benchmark reiterated a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Oppenheimer reissued an “outperform” rating and set a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $1,281.09.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 110 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, Director Justine Page sold 110 shares of the stock in a transaction on 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 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now directly owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by insiders.

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.