Capital International Investors increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.5% in the fourth quarter, as reported in its recent 13F filing with the Securities and Exchange Commission. The fund now owns 23,330,880 shares of the semiconductor maker, representing about 5.8% of its holdings. This makes Broadcom its second-largest position, with a value of $26,044,294,000. Other institutional investors have also made changes to their positions in the company, with various groups purchasing new stakes or increasing their positions. The majority of the company’s shares are owned by hedge funds and other institutional investors.
Broadcom’s stock rose by 6.2% during midday trading, reaching $1,413.09. The company has a 52-week low of $776.38 and a high of $1,445.40, with a market capitalization of $654.85 billion. In their most recent earnings report, Broadcom exceeded analysts’ expectations with earnings per share of $10.99 and revenue of $11.96 billion. The company’s revenue increased by 34.2% compared to the same quarter last year.
Insiders at Broadcom have been active in selling shares, with notable transactions by insiders like Charlie B. Kawwa and Eddy W. Hartenstein. These sales have totaled nearly $40 million over the last 90 days. Several analysts have upgraded Broadcom’s target price, with various firms giving the stock positive ratings and setting price targets ranging from $1,300 to $1,850.
Broadcom Inc. designs and develops semiconductor devices globally, focusing on digital and mixed-signal products. The company operates in two segments, semiconductor solutions, and infrastructure software. While some analysts recommend Broadcom, others believe there are better buying opportunities in the market. As a beginner investor, it is essential to consider various options and strategies before making investment decisions.
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https://www.marketbeat.com/instant-alerts/nasdaq-avgo-sec-filing-2024-06-05/