Principal Financial Group Inc. Has $1.87 Billion Stake in Broadcom Inc. (NASDAQ:AVGO)

Principal Financial Group Inc. grew its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,061,598 shares of the semiconductor manufacturer's stock after buying an additional 879,189 shares during the quarter. Broadcom accounts for approximately 1.0% of Principal Financial Group Inc.'s portfolio, making the stock its 15th biggest position. Principal Financial Group Inc. owned approximately 0.17% of Broadcom worth $1,869,001,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Castleview Partners LLC increased its stake in Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. boosted its stake in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. JDM Financial Group LLC increased its position in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at about $37,000. Finally, R Squared Ltd acquired a new stake in shares of Broadcom in the 4th quarter valued at about $39,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ AVGO traded down $8.84 during trading hours on Friday, reaching $217.90. The company's stock had a trading volume of 12,635,342 shares, compared to its average volume of 27,238,252. The stock has a market cap of $1.02 trillion, a PE ratio of 177.78, a PEG ratio of 2.39 and a beta of 1.02. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business has a 50-day simple moving average of $230.21 and a 200 day simple moving average of $189.26.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analysts' expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company's revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.98 earnings per share. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.08%. Broadcom's dividend payout ratio is currently 191.87%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. Hsbc Global Res raised shares of Broadcom to a "hold" rating in a report on Tuesday, December 3rd. Truist Financial increased their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, December 13th. Robert W. Baird upped their price objective on Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a research note on Friday, December 13th. Barclays boosted their target price on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Finally, UBS Group boosted their price objective on shares of Broadcom from $170.00 to $200.00 and gave the company a "buy" rating in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $225.04.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harry L. You sold 6,540 shares of the firm's stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company's stock, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company's stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.