Advent Capital Management DE Takes $5.02 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Advent Capital Management DE acquired 30,000 shares of Broadcom Inc. in the first quarter, valued at approximately $5,023,000.
• Insider Director Henry Samueli sold 473,898 shares in June, reducing his stake by 1.23%, while insiders overall sold 830,516 shares valued at over $217 million in the past 90 days.
• Broadcom's stock currently holds an average analyst rating of "Buy" with a consensus target price of $294.92, following positive quarterly earnings and revenue growth.

Advent Capital Management DE acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 30,000 shares of the semiconductor manufacturer's stock, valued at approximately $5,023,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC acquired a new position in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the company. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Barclays upped their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Rosenblatt Securities upped their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Finally, Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $294.92.

Broadcom Trading Up 2.9%

Shares of AVGO stock traded up $8.93 during mid-day trading on Tuesday, reaching $312.83. The company's stock had a trading volume of 17,557,896 shares, compared to its average volume of 26,383,006. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $313.44. The firm has a market capitalization of $1.47 trillion, a PE ratio of 117.16, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company's 50 day simple moving average is $273.98 and its 200-day simple moving average is $227.04.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is 88.39%.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director directly owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

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.