Meiji Yasuda Asset Management Co Ltd. Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

18 Sep 2024, 22:53 by Sarita Garza · The Markets Daily

Meiji Yasuda Asset Management Co Ltd. raised its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,704 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,437 shares during the quarter. Broadcom makes up about 1.4% of Meiji Yasuda Asset Management Co Ltd.’s portfolio, making the stock its 7th biggest holding. Meiji Yasuda Asset Management Co Ltd.’s holdings in Broadcom were worth $33,241,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. 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 purchasing an additional 8 shares during the period. Richardson Capital Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at approximately $29,000. Delta Asset Management LLC TN boosted its stake in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new stake in Broadcom in the 1st quarter valued at $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Broadcom during the 1st quarter valued at $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Citigroup reissued a “buy” rating and issued a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Rosenblatt Securities lowered their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Morgan Stanley boosted their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. The Goldman Sachs Group increased their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Mizuho boosted their price target on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Check Out Our Latest Analysis on Broadcom

Insider Buying and Selling

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

Broadcom Price Performance

Broadcom stock opened at $162.47 on Wednesday. The stock has a 50-day moving average price of $157.17 and a two-hundred day moving average price of $146.21. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a market capitalization of $756.28 billion, a PE ratio of 6.99, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the business earned $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

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

Broadcom Profile

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