Brentview Investment Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

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Brentview Investment Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,158 shares of the semiconductor manufacturer's stock after purchasing an additional 1,199 shares during the period. Broadcom makes up about 2.1% of Brentview Investment Management LLC's investment portfolio, making the stock its 21st biggest position. Brentview Investment Management LLC's holdings in Broadcom were worth $3,877,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC grew its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. Northern Trust Corp grew its holdings in Broadcom by 12.0% during 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 purchasing an additional 5,258,925 shares during the period. APG Asset Management N.V. increased its stake in 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 valued at $980,500,000 after purchasing an additional 3,762,034 shares in the last quarter. Finally, FMR LLC raised its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Mizuho boosted their price target on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research report on Tuesday, June 24th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $294.92.

Broadcom Trading Down 1.5%

Shares of AVGO traded down $4.42 during mid-day trading on Friday, reaching $289.28. The company's stock had a trading volume of 6,528,552 shares, compared to its average volume of 26,767,639. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $306.95. The stock has a market cap of $1.36 trillion, a PE ratio of 108.53, a P/E/G ratio of 2.15 and a beta of 1.12. The company's fifty day moving average price is $265.36 and its two-hundred day moving average price is $224.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

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.