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Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Lifted by Azimuth Capital Investment Management LLC

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Key Points

  • Azimuth Capital Investment Management LLC increased its holdings in Broadcom Inc. by 34.7% during the first quarter, totaling 277,230 shares and making it the sixth largest position in their portfolio.
  • Wall Street analysts show strong confidence in Broadcom, with twenty-six analysts issuing buy ratings and several raising their price targets, with the consensus target now at $295.96.
  • Broadcom's most recent earnings report revealed a 20.2% increase in revenue year-over-year, with earnings per share exceeding expectations at $1.58.
  • Looking to export and analyze Broadcom data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Azimuth Capital Investment Management LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 34.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 277,230 shares of the semiconductor manufacturer's stock after purchasing an additional 71,435 shares during the quarter. Broadcom comprises approximately 1.8% of Azimuth Capital Investment Management LLC's investment portfolio, making the stock its 6th largest position. Azimuth Capital Investment Management LLC's holdings in Broadcom were worth $46,417,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. True Wealth Design LLC increased its position in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the last quarter. Fulton Breakefield Broenniman LLC increased its position in shares of Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares during the last quarter. American Financial Advisors LLC grew its position in Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after acquiring an additional 52 shares in the last quarter. GS Investments Inc. grew its position in Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock valued at $1,908,000 after acquiring an additional 52 shares in the last quarter. Finally, FCA Corp TX grew its position in Broadcom by 0.5% in the 1st quarter. FCA Corp TX now owns 10,846 shares of the semiconductor manufacturer's stock valued at $1,816,000 after acquiring an additional 54 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. KeyCorp lifted their price objective on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group reiterated a "buy" rating and issued a $340.00 price objective on shares of Broadcom in a research note on Wednesday. Morgan Stanley set a $338.00 price objective on Broadcom and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. boosted 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. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $295.96.

Read Our Latest Analysis on AVGO

Broadcom Stock Down 1.2%

AVGO opened at $309.09 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.45 trillion, a P/E ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The business's fifty day simple moving average is $276.06 and its 200 day simple moving average is $228.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Activity

In other news, Director Henry Samueli sold 473,898 shares of the firm'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 directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock valued at $217,040,489 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Profile

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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