ASK Capital Management LLC Has $285.19 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• ASK Capital Management LLC has reduced its holdings in Broadcom Inc. by 7.9%, owning 1,703,320 shares after selling 145,500 shares, making Broadcom 96.3% of its total holdings.
• Several hedge funds, including Kickstand Ventures LLC and Westfield Capital Management, have increased their holdings in Broadcom during the same period, indicating continued investor interest.
• Broadcom declared a quarterly dividend of $0.59 per share, representing an annualized yield of 0.8%, with an ex-dividend date on June 20th.

ASK Capital Management LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,703,320 shares of the semiconductor manufacturer's stock after selling 145,500 shares during the period. Broadcom accounts for about 96.3% of ASK Capital Management LLC's portfolio, making the stock its biggest position. ASK Capital Management LLC's holdings in Broadcom were worth $285,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at $25,000. Cheviot Value Management LLC bought a new stake in Broadcom during the 1st quarter worth $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the 1st quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter worth $30,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated 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 transaction, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Shares of AVGO traded down $5.51 on Tuesday, reaching $292.21. 5,473,129 shares of the company's stock traded hands, compared to its average volume of 26,669,836. 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 $1.37 trillion, a PE ratio of 109.77, a PEG ratio of 2.05 and a beta of 1.15. The stock's 50 day simple moving average is $267.94 and its two-hundred day simple moving average is $224.92. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend 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%.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Wells Fargo & Company boosted their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Mizuho upped their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus price target of $294.92.

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.