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 10.11 million Broadcom Inc (AVGO) shares trading Monday and a closing price of $1029.24 on the day, the dollar volume was approximately $10.4 billion. The shares have shown a positive half year performance of 20.33% and its price on 12/11/23 gained nearly 9.00%. Currently, there are 467.14M common shares owned by the public and among those 456.59M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 30 analysts who have offered their price forecasts for AVGO have a consensus price objective of $1056.77. The analysts have set the share’s price value over the next 12 months at a high of $1200.00 and a low of $879.00. The average price target is 2.61% above its recent price level and a downside to the estimated low will see the stock lose -17.09% over that period. But an upside of 14.23% will see the stock hit the forecast high price target while median target price for the stock is $1075.00.
Insiders at the company have transacted a total of 49 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 303,062 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 411,569 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 $957.01, up $12.71 from a prior closing price of $944.30. However, the script later moved the day high at 1,039.51, up 9.00%. The company’s stock has a 5-day price change of 11.39% and 21.87% over the past three months. AVGO shares are trading 84.08% year to date (YTD), with the 12-month market performance up to 93.80% higher. It has a 12-month low price of $540.91 and touched a high of $999.87 over the same period. AVGO has an average intraday trading volume of 2.54 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 8.24%, 14.58%, and 29.38% respectively.
Institutional ownership of Broadcom Inc (NASDAQ: AVGO) shares accounts for 72.44% of the company’s 467.14M shares outstanding. Mutual fund holders own 28.98%, while other institutional holders and individual stakeholders account for 53.77% and 2.91% respectively.
It has a market capitalization of $480.80B and a beta (3y monthly) value of 1.21. The stock’s trailing 12-month PE ratio is 31.25, while the earnings-per-share (ttm) stands at $32.93. The company has a PEG of 2.26 and a Quick Ratio of 2.56 with the debt-to-equity ratio at 1.64. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.73% over the week and 2.65% over the month.
Analysts forecast that Broadcom Inc (AVGO) will achieve an EPS of $EVgo Inc. for the current quarter, $3.03 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Assured Guaranty Ltd. while analysts give the company a high EPS estimate of $Avinger, Inc.. Comparatively, EPS for the current quarter was $AVROBIO, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 11.34%, and 18.16% over the next financial year. EPS should grow at an annualized rate of 13.80% over the next five years, compared to 2.38% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 30 brokerage firm advisors rate Broadcom Inc (AVGO) as a “Strong Buy” at a consensus score of 1.67. Specifically, 18 Wall Street analysts polled rate the stock as a buy, while 8 of the 30 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. Citigroup stated their Buy rating for the stock in a research note on Dec-12-23, with the firm’s price target at $1100.
