Andar Capital Management HK Ltd Acquires Shares of 10,800 Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Andar Capital Management HK Ltd acquired 10,800 shares of Broadcom Inc. valued at approximately $1.8 million, making it the company's 15th biggest position.
• Broadcom reported a revenue of $15 billion for the last quarter, exceeding analyst estimates, and had a 20.2% increase in revenue compared to the same quarter last year.
• The company has initiated a $10 billion stock buyback plan, which suggests that its leadership believes the stock is undervalued.

Andar Capital Management HK Ltd bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,800 shares of the semiconductor manufacturer's stock, valued at approximately $1,808,000. Broadcom accounts for approximately 3.5% of Andar Capital Management HK Ltd's holdings, making the stock its 15th biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. Northern Trust Corp raised its position in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of Broadcom by 609.4% in the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock worth $980,500,000 after buying an additional 3,762,034 shares in the last quarter. Finally, FMR LLC boosted its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on AVGO shares. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. The Goldman Sachs Group began coverage on Broadcom in a research note on Thursday, July 10th. They set a "buy" rating and a $315.00 price objective on the stock. Finally, Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and an average price target of $294.92.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

AVGO stock opened at $288.64 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a P/E/G ratio of 2.09 and a beta of 1.15. The business's 50-day moving average is $266.56 and its two-hundred day moving average is $224.55. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $306.95.

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, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 EPS. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has approved a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.