Hsbc Holdings PLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Hsbc Holdings PLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.9% in the second quarter, Holdings Channel.com reports. The firm owned 1,452,204 shares of the semiconductor manufacturer’s stock after buying an additional 131,287 shares during the period. Broadcom comprises approximately 1.4% of Hsbc Holdings PLC’s investment portfolio, making the stock its 8th biggest holding. Hsbc Holdings PLC’s holdings in Broadcom were worth $2,316,220,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Legend Financial Advisors Inc. grew its holdings in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares in the last quarter. Richardson Capital Management LLC purchased a new position in Broadcom during the 1st quarter worth $29,000. Delta Asset Management LLC TN raised its holdings in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom during the first quarter valued at about $36,000. Finally, Ulland Investment Advisors LLC purchased a new position in Broadcom during the first quarter worth about $37,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $162.47 on Wednesday. The stock’s 50 day moving average is $157.17 and its 200 day moving average is $146.21. The company has a market capitalization of $756.28 billion, a P/E ratio of 6.99, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. 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 (NASDAQ:AVGO) last announced 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 company had revenue of $13.07 billion for 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%. Broadcom’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.30%. Broadcom’s dividend payout ratio is 9.12%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Barclays lifted their target price on shares of Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Truist Financial boosted their price target on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. UBS Group dropped their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research note on Monday, September 9th. Finally, Citigroup reaffirmed a “buy” rating and set a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Company 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.