Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Mill Creek Capital Advisors LLC

Key Points

• Mill Creek Capital Advisors LLC increased its stake in Broadcom Inc. by 11.5% during the first quarter, owning over 9,258 shares worth approximately $1.55 million.
• Various institutional investors, including Nuveen LLC and GAMMA Investing LLC, significantly increased their positions in Broadcom, with institutional ownership now at 76.43%.
• Analysts have shown strong confidence in Broadcom, with numerous upgrades and an average target price of $295.96, along with a consensus rating of "Buy".

Mill Creek Capital Advisors LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 9,258 shares of the semiconductor manufacturer's stock after buying an additional 954 shares during the quarter. Mill Creek Capital Advisors LLC's holdings in Broadcom were worth $1,550,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Nuveen LLC acquired a new position in Broadcom during the first quarter worth $6,649,117,000. GAMMA Investing LLC raised its stake in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Broadcom by 46.9% during the fourth 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 in the last quarter. Northern Trust Corp raised its holdings 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. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Broadcom by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after buying an additional 4,550,647 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. The Goldman Sachs Group reiterated a "buy" rating and issued a $340.00 price target on shares of Broadcom in a report on Wednesday. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Sunday. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average target price of $295.96.

Broadcom Price Performance

Shares of AVGO opened at $306.34 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a 50 day simple moving average of $278.27 and a 200 day simple moving average of $229.79. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $317.35. The firm has a market capitalization of $1.44 trillion, a PE ratio of 114.73, a P/E/G ratio of 2.18 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 (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the firm earned $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,286,457 in the last three months. 2.00% of the stock is owned by corporate insiders.

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.

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