FUKOKU MUTUAL LIFE INSURANCE Co Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

FUKOKU MUTUAL LIFE INSURANCE Co boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 901.1% in the 3rd quarter, Holdings Channel reports. The firm owned 815,318 shares of the semiconductor manufacturer’s stock after buying an additional 733,873 shares during the quarter. Broadcom accounts for approximately 10.0% of FUKOKU MUTUAL LIFE INSURANCE Co’s portfolio, making the stock its biggest position. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Broadcom were worth $140,642,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of AVGO. Swedbank AB boosted its holdings in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after acquiring an additional 16,453,718 shares during the period. Van ECK Associates Corp lifted its position in shares of Broadcom by 917.8% during the third quarter. Van ECK Associates Corp now owns 12,701,500 shares of the semiconductor manufacturer’s stock worth $2,203,837,000 after purchasing an additional 11,453,554 shares during the last quarter. Raymond James & Associates boosted its stake in shares of Broadcom by 855.4% during the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock valued at $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Broadcom by 908.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,374,079 shares of the semiconductor manufacturer’s stock worth $1,962,029,000 after purchasing an additional 10,245,786 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Broadcom by 226,130.5% in the 3rd quarter. International Assets Investment Management LLC now owns 8,246,100 shares of the semiconductor manufacturer’s stock worth $14,224,520,000 after buying an additional 8,242,455 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The trade was a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of Broadcom stock opened at $164.84 on Monday. The company has a 50 day moving average price of $172.84 and a 200 day moving average price of $159.35. The firm has a market capitalization of $769.90 billion, a P/E ratio of 143.21, a PEG ratio of 1.94 and a beta of 1.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52 week low of $90.31 and a 52 week high of $186.42.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the company posted $0.95 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.29%. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.19%.

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.