Corient IA LLC Makes New Investment in Broadcom Inc. $AVGO

Key Points

• Corient IA LLC has acquired 4,000 shares of Broadcom Inc., valued at approximately $670,000, highlighting growing institutional interest in the semiconductor company.
• Analysts have raised their price targets for Broadcom, with estimates ranging up to $340.00, reflecting a positive outlook on the company's future performance.
• In recent insider trading activity, CFO Kirsten M. Spears sold 56,310 shares, indicating a 13.46% decrease in her ownership, which may be viewed as a signal of potential stock performance concerns.

Corient IA LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,000 shares of the semiconductor manufacturer's stock, valued at approximately $670,000.

A number of other institutional investors have also made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth about $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on 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 transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction 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 transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,286,457 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $0.58 during trading hours on Monday, reaching $305.76. 14,705,522 shares of the stock were exchanged, compared to its average volume of 17,400,806. The firm has a market capitalization 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. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The stock's fifty day simple moving average is $279.50 and its 200 day simple moving average is $230.48.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Mizuho increased their price target on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Susquehanna increased their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus price target of $295.96.

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.