Brooklands Fund Management Ltd Makes New Investment in Broadcom Inc. $AVGO

Key Points

• Brooklands Fund Management purchased 114,500 Broadcom shares worth approximately $40.2 million during the third quarter, making AVGO its fourth-largest holding at 5.9% of the portfolio. Institutional investors and hedge funds collectively own 76.43% of Broadcom.
• Analysts remain broadly bullish, with one Strong Buy, 39 Buy and five Hold ratings. Broadcom has an average “Moderate Buy” rating and a consensus price target of $530.52.
• Broadcom reported quarterly revenue of $29.59 billion, up 85.5% year over year, and adjusted EPS of $3.32, exceeding analyst estimates. The company also maintains a quarterly dividend of $0.65 per share, equivalent to a 0.8% yield.

Brooklands Fund Management Ltd bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 114,500 shares of the semiconductor manufacturer's stock, valued at approximately $40,211,000. Broadcom makes up approximately 5.9% of Brooklands Fund Management Ltd's investment portfolio, making the stock its 4th largest holding.

A number of other large investors have also bought and sold shares of the stock. Yukon Wealth Management Inc. grew its stake in shares of Broadcom by 1.1% in the 1st quarter. Yukon Wealth Management Inc. now owns 2,501 shares of the semiconductor manufacturer's stock valued at $774,000 after buying an additional 26 shares during the period. NerdWallet Wealth Partners LLC grew its holdings in Broadcom by 2.6% during the second quarter. NerdWallet Wealth Partners LLC now owns 1,057 shares of the semiconductor manufacturer's stock worth $399,000 after buying an additional 27 shares in the last quarter. Veery Capital LLC raised its holdings in shares of Broadcom by 1.4% in the second quarter. Veery Capital LLC now owns 1,900 shares of the semiconductor manufacturer's stock valued at $718,000 after purchasing an additional 27 shares during the last quarter. Ridgeline Wealth Planning LLC increased its stake in Broadcom by 2.1% in the 2nd quarter. Ridgeline Wealth Planning LLC now owns 1,302 shares of the semiconductor manufacturer's stock valued at $492,000 after buying an additional 27 shares during the last quarter. Finally, Capital Planning LLC lifted its holdings in Broadcom by 0.7% during the first quarter. Capital Planning LLC now owns 4,044 shares of the semiconductor manufacturer's stock worth $1,252,000 after acquiring an additional 28 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have commented on AVGO shares. Sanford C. Bernstein reaffirmed a "buy" rating on shares of Broadcom in a research report on Monday, September 21st. HC Wainwright assumed coverage on Broadcom in a research note on Tuesday, October 27th. They issued a "buy" rating for the company. Cantor Fitzgerald boosted their price target on shares of Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a research report on Thursday, September 3rd. Arete Research upped their price objective on shares of Broadcom from $488.00 to $530.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group raised their price target on Broadcom from $525.00 to $540.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, thirty-nine have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $530.52.

Broadcom Trading Down 1.2%

Shares of AVGO stock opened at $322.23 on Tuesday. The business has a 50-day moving average of $351.88 and a 200 day moving average of $366.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom Inc. has a 1-year low of $289.96 and a 1-year high of $495.00. The stock has a market capitalization of $1.54 trillion, a PE ratio of 41.15 and a beta of 1.46.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping analysts' consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The business had revenue of $29.59 billion for the quarter, compared to analysts' expectations of $29.24 billion. During the same period in the previous year, the firm earned $1.69 EPS. The business's quarterly revenue was up 85.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 10.37 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's payout ratio is presently 33.21%.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

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