ING Groep NV Has $392.89 Million Position in Broadcom Inc. (NASDAQ:AVGO)

ING Groep NV reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 40.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,694,637 shares of the semiconductor manufacturer’s stock after selling 1,170,941 shares during the quarter. Broadcom makes up 2.6% of ING Groep NV’s portfolio, making the stock its 7th biggest position. ING Groep NV’s holdings in Broadcom were worth $392,885,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. Pin Oak Investment Advisors Inc. increased its position in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares during the period. Retirement Wealth Solutions LLC bought a new position in shares of Broadcom during the fourth quarter worth about $37,000. R Squared Ltd acquired a new stake in shares of Broadcom in the 4th quarter worth about $39,000. JDM Financial Group LLC lifted its position in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Asset Planning Inc acquired a new position in Broadcom during the 4th quarter valued at about $46,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Citigroup raised their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Bank of America increased their price target on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Jefferies Financial Group lifted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Truist Financial upped their price objective on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Trading Down 3.6 %

Shares of NASDAQ AVGO opened at $218.61 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 178.32, a P/E/G ratio of 2.37 and a beta of 1.02. The business has a fifty day simple moving average of $230.09 and a 200-day simple moving average of $190.11.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.98 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.08%. Broadcom’s dividend payout ratio (DPR) is currently 192.50%.

About Broadcom

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.