Oak Ridge Investments LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Oak Ridge Investments LLC increased its stake in Broadcom Inc. by 5.3%, making it the 8th largest position in their portfolio, with holdings valued at $34.23 million.
• In the most recent quarter, other institutional investors, including Banco Bilbao Vizcaya Argentaria S.A., raised their stakes, indicating strong interest in Broadcom, which is now owned 76.43% by hedge funds and institutional investors.
• Broadcom's quarterly earnings beat expectations, reporting $1.58 EPS and revenue of $15 billion, reflecting a 20.2% increase year-over-year.

Oak Ridge Investments LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 204,440 shares of the semiconductor manufacturer's stock after purchasing an additional 10,317 shares during the quarter. Broadcom accounts for about 2.8% of Oak Ridge Investments LLC's investment portfolio, making the stock its 8th largest holding. Oak Ridge Investments LLC's holdings in Broadcom were worth $34,229,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of AVGO. Brighton Jones LLC grew its position in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its stake in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE boosted its stake in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $602,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $2.14 during midday trading on Thursday, reaching $311.23. 15,694,460 shares of the company traded hands, compared to its average volume of 17,086,756. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The stock has a 50-day moving average price of $277.08 and a 200 day moving average price of $228.95. 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 company has a market cap of $1.46 trillion, a price-to-earnings ratio of 116.57, a PEG ratio of 2.20 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business 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 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on AVGO. The Goldman Sachs Group reiterated a "buy" rating and set a $340.00 target price on shares of Broadcom in a research note on Wednesday. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Evercore ISI reiterated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus target price of $295.96.

About Broadcom

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.