Capital Research & Management Co recently announced the acquisition of new stake in Broadcom Inc (NASDAQ:AVGO). The institutional investor has increased its shareholding in the Technology company by 1.76% to 28.31 million shares with purchase of 0.49 million shares. This fresh investment now brings its stake to 6.86% valued currently at $23.82 billion. In addition, Geode Capital Management LLC raised its holdings by 84807.0 to 8.69 million shares. And Northern Trust Investments, Inc. has lifted its position by 1.27% or 51749.0 shares – to 4.14 million shares.
With over 4.32 million Broadcom Inc (AVGO) shares trading Tuesday and a closing price of $981.20 on the day, the dollar volume was approximately $4.24 billion. The shares have shown a positive half year performance of 42.93% and its price on 11/21/23 lost nearly -1.46%. Currently, there are 418.00M common shares owned by the public and among those 403.41M shares have been available to trade.
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Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 87,782 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 289,941 shares.
The top 3 mutual fund holders in Broadcom Inc are Vanguard Total Stock Market ETF, Washington Mutual Investors Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 12.92 million shares of the company’s stock, all valued at over $10.87 billion. The company bought an additional 60156.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Washington Mutual Investors Fund sold -0.51 million shares to see its total holdings shrink to 11.28 million shares valued at over $9.49 billion and representing 2.73% of the shares outstanding. Vanguard 500 Index Fund bought 46963.0 shares to bring its total holdings to over 9.97 million shares at a value of $8.38 billion. Vanguard 500 Index Fund now owns shares totaling to 2.42% of the shares outstanding.
Shares of Broadcom Inc (NASDAQ: AVGO) opened at $975.00, down -$20.71 from a prior closing price of $995.71. However, the script later moved the day high at 991.00, down -1.46%. The company’s stock has a 5-day price change of 0.85% and 11.94% over the past three months. AVGO shares are trading 75.49% year to date (YTD), with the 12-month market performance up to 90.47% higher. It has a 12-month low price of $511.11 and touched a high of $999.87 over the same period. AVGO has an average intraday trading volume of 2.26 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.59%, 12.61%, and 26.91% respectively.
Institutional ownership of Broadcom Inc (NASDAQ: AVGO) shares accounts for 81.96% of the company’s 418.00M shares outstanding. Mutual fund holders own 29.10%, while other institutional holders and individual stakeholders account for 53.66% and 2.91% respectively.
It has a market capitalization of $404.98B and a beta (3y monthly) value of 1.15. The stock’s trailing 12-month PE ratio is 30.28, while the earnings-per-share (ttm) stands at $32.40. The company has a PEG of 2.80 and a Quick Ratio of 2.25 with the debt-to-equity ratio at 1.78. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.33% over the week and 2.42% over the month.
Analysts forecast that Broadcom Inc (AVGO) will achieve an EPS of $10.09 for the current quarter, $10.15 for the next quarter and $42.01 for 2024. The lowest estimate earnings-per-share for the quarter is $9.82 while analysts give the company a high EPS estimate of $11.12. Comparatively, EPS for the current quarter was $10.45 a year ago. Earnings per share for the fiscal year are expected to increase by 11.87%, and 9.98% over the next financial year. EPS should shrink at an annualized rate of 10.80% over the next five years, compared to 44.72% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 31 brokerage firm advisors rate Broadcom Inc (AVGO) as a “Strong Buy” at a consensus score of 1.68. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 7 of the 31 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the AVGO, a number of firms have released research notes about the stock. TD Cowen stated their Market Perform rating for the stock in a research note on September 01, 2023, with the firm’s price target at $800-$900.
