Voya Investment Management LLC Buys Shares of 878,543 Broadcom Inc (AVGO)

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Voya Investment Management LLC purchased a new position in Broadcom Inc (NASDAQ:AVGO) during the second quarter, HoldingsChannel.com reports. The firm purchased 878,543 shares of the semiconductor manufacturer’s stock, valued at approximately $213,170,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Marcus Capital LLC purchased a new position in shares of Broadcom in the 2nd quarter worth $364,000. BP PLC purchased a new position in shares of Broadcom in the 2nd quarter worth $12,135,000. Wesbanco Bank Inc. purchased a new position in shares of Broadcom in the 2nd quarter worth $19,879,000. Sigma Investment Counselors Inc. purchased a new position in shares of Broadcom in the 2nd quarter worth $286,000. Finally, KBC Group NV purchased a new position in shares of Broadcom in the 2nd quarter worth $10,500,000. Hedge funds and other institutional investors own 84.21% of the company’s stock.

NASDAQ:AVGO traded up $13.61 on Friday, reaching $229.58. 179,018 shares of the company’s stock traded hands, compared to its average volume of 3,031,851. The company has a quick ratio of 5.29, a current ratio of 5.87 and a debt-to-equity ratio of 0.55. The stock has a market cap of $95.58 billion, a PE ratio of 15.99, a P/E/G ratio of 0.96 and a beta of 0.94. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $4.10 earnings per share. sell-side analysts anticipate that Broadcom Inc will post 17.52 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 3.05%. Broadcom’s dividend payout ratio is presently 48.95%.

AVGO has been the topic of a number of research reports. Bank of America restated a “neutral” rating and issued a $240.00 price target on shares of Broadcom in a research note on Monday, July 16th. BidaskClub upgraded Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. KeyCorp dropped their price target on Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 25th. Zacks Investment Research upgraded Broadcom from a “sell” rating to a “hold” rating in a research note on Monday, June 4th. Finally, ValuEngine downgraded Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $290.11.

In other Broadcom news, SVP Bryan Ingram sold 10,604 shares of the firm’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $270.02, for a total transaction of $2,863,292.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $269.69, for a total value of $5,393,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,604 shares of company stock worth $31,572,092. Insiders own 3.30% of the company’s stock.

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.

Further Reading: Calculate Your Return on Investment (ROI)

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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