Broadcom Inc. $AVGO Stock Position Increased by Brooklyn Investment Group

Key Points

• Brooklyn Investment Group increased its holdings in Broadcom Inc. by 26.3% during the first quarter, now owning 36,598 shares valued at approximately $6.1 million.
• Broadcom recently reported earnings of $1.58 EPS for the quarter, exceeding analysts' expectations, with a revenue of $15 billion, marking a 20.2% year-over-year increase.
• The company's recent quarterly dividend was $0.59, yielding an annualized 0.8% and resulting in a payout ratio of 88.39%.

Brooklyn Investment Group lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,598 shares of the semiconductor manufacturer's stock after buying an additional 7,627 shares during the period. Broadcom makes up approximately 1.3% of Brooklyn Investment Group's portfolio, making the stock its 10th largest position. Brooklyn Investment Group's holdings in Broadcom were worth $6,128,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Nuveen LLC purchased a new position in Broadcom in the 1st quarter valued at approximately $6,649,117,000. GAMMA Investing LLC boosted its position in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp boosted its position in Broadcom by 12.0% in the 4th 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 period. Finally, Goldman Sachs Group Inc. boosted its position in Broadcom by 16.7% in the 1st 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 period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Benchmark raised their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. KeyCorp lifted their price objective on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Finally, UBS Group lifted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $295.96.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 830,516 shares of company stock valued at $217,286,457. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $0.58 during trading on Monday, reaching $305.76. The company's stock had a trading volume of 14,705,522 shares, compared to its average volume of 17,400,806. 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 firm has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.52, a P/E/G ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The business's fifty day moving average price is $279.50 and its 200-day moving average price is $230.48.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 88.39%.

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.