Entropy Technologies LP Purchases Shares of 63,546 Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Entropy Technologies LP acquired 63,546 shares of Broadcom Inc., valued at approximately $10.64 million, becoming its 8th largest holding.
• Broadcom's stock recently opened at $304.97, with a market capitalization of $1.43 trillion and a 12-month price range between $134.90 and $310.34.
• In the most recent quarter, Broadcom reported earnings of $1.58 EPS, exceeding estimates, while also announcing a quarterly dividend of $0.59.

Entropy Technologies LP bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 63,546 shares of the semiconductor manufacturer's stock, valued at approximately $10,640,000. Broadcom comprises approximately 1.0% of Entropy Technologies LP's investment portfolio, making the stock its 8th largest holding.

Several other large investors also recently bought and sold shares of the company. True Wealth Design LLC grew its holdings in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares in the last quarter. Fulton Breakefield Broenniman LLC grew its holdings in shares of Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after buying an additional 50 shares in the last quarter. American Financial Advisors LLC grew its holdings in shares of Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after buying an additional 52 shares in the last quarter. GS Investments Inc. grew its stake in Broadcom by 0.5% in the first quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock valued at $1,908,000 after purchasing an additional 52 shares in the last quarter. Finally, First Bank & Trust grew its stake in Broadcom by 1.9% in the first quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock valued at $493,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Arete Research raised Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. The Goldman Sachs Group began coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price for the company. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $294.92.

Insider Buying and Selling at Broadcom

In related news, 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 sale, the director owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. 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 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 2.9%

Shares of NASDAQ:AVGO traded up $8.93 during midday trading on Tuesday, hitting $312.83. The company 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 company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.17 and a beta of 1.15. The firm has a fifty day simple moving average of $273.98 and a 200 day simple moving average of $227.04.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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 return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The firm's revenue was up 20.2% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed 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. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom 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.