Broadcom Inc. $AVGO Shares Bought by MJP Associates Inc. ADV

Key Points

• MJP Associates Inc. ADV increased its Broadcom stake by 27.4% in the fourth quarter, buying 2,005 additional shares and bringing its total to 9,314 shares worth about $3.22 million.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 76.43% of Broadcom’s stock. Several large investors, including Vanguard, Invesco, and Legal & General, also raised their positions.
• Broadcom has seen recent insider selling, including notable sales by Mark David Brazeal and Justine Page, while the stock has also posted strong operating results, beating quarterly earnings and revenue estimates with revenue up 29.5% year over year.

MJP Associates Inc. ADV lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,314 shares of the semiconductor manufacturer's stock after purchasing an additional 2,005 shares during the quarter. MJP Associates Inc. ADV's holdings in Broadcom were worth $3,224,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock valued at $167,064,997,000 after buying an additional 3,919,715 shares during the period. Invesco Ltd. grew its stake in shares of Broadcom by 1.8% in the third quarter. Invesco Ltd. now owns 39,149,651 shares of the semiconductor manufacturer's stock worth $12,915,861,000 after acquiring an additional 700,021 shares in the last quarter. Legal & General Group Plc increased its position in shares of Broadcom by 2.3% during the third quarter. Legal & General Group Plc now owns 33,450,786 shares of the semiconductor manufacturer's stock worth $11,035,749,000 after acquiring an additional 748,709 shares during the period. Franklin Resources Inc. raised its stake in shares of Broadcom by 4.0% in the third quarter. Franklin Resources Inc. now owns 29,511,195 shares of the semiconductor manufacturer's stock valued at $9,736,038,000 after acquiring an additional 1,124,590 shares in the last quarter. Finally, Amundi raised its stake in shares of Broadcom by 3.3% in the third quarter. Amundi now owns 22,216,816 shares of the semiconductor manufacturer's stock valued at $7,453,320,000 after acquiring an additional 716,523 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 50,488 shares of Broadcom stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the sale, the insider directly owned 278,141 shares in the company, valued at $89,450,145.60. This trade represents a 15.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 2,018 shares of the business's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the sale, the director directly owned 18,164 shares of the company's stock, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $414.14 on Tuesday. Broadcom Inc. has a 1 year low of $226.18 and a 1 year high of $442.36. The stock has a market cap of $1.96 trillion, a P/E ratio of 80.89, a P/E/G ratio of 0.86 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. The stock has a 50-day simple moving average of $374.86 and a 200-day simple moving average of $356.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business's quarterly revenue was up 29.5% on a year-over-year basis. During the same quarter last year, the company earned $1.60 EPS. As a group, analysts anticipate that Broadcom Inc. will post 9.91 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were issued a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom's dividend payout ratio (DPR) is presently 50.78%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. TD Cowen reissued a "buy" rating and set a $500.00 target price (up from $405.00) on shares of Broadcom in a research note on Friday, May 15th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Broadcom in a research report on Wednesday, April 8th. Truist Financial boosted their price objective on Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Mizuho restated an "outperform" rating and set a $480.00 target price on shares of Broadcom in a research note on Thursday, April 16th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $545.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus price target of $448.10.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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