Deepwater Asset Management LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 70,544 shares of the semiconductor manufacturer's stock after buying an additional 3,229 shares during the period. Broadcom makes up approximately 5.0% of Deepwater Asset Management LLC's portfolio, making the stock its 14th biggest holding. Deepwater Asset Management LLC's holdings in Broadcom were worth $11,811,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Aberdeen Group plc lifted its position in shares of Broadcom by 20.9% during the first quarter. Aberdeen Group plc now owns 4,266,536 shares of the semiconductor manufacturer's stock worth $700,395,000 after acquiring an additional 736,452 shares in the last quarter. Liontrust Investment Partners LLP raised its position in shares of Broadcom by 24.8% in the first quarter. Liontrust Investment Partners LLP now owns 265,923 shares of the semiconductor manufacturer's stock worth $44,523,000 after buying an additional 52,802 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Broadcom by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 10,241,379 shares of the semiconductor manufacturer's stock worth $1,714,546,000 after buying an additional 32,231 shares in the last quarter. Azimuth Capital Investment Management LLC raised its position in shares of Broadcom by 34.7% in the first quarter. Azimuth Capital Investment Management LLC now owns 277,230 shares of the semiconductor manufacturer's stock worth $46,417,000 after buying an additional 71,435 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Broadcom in the first quarter worth $2,548,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
Wall Street Analyst Weigh In
AVGO has been the topic of a number of research reports. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research report on Tuesday, June 24th. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $295.96.
Get Our Latest Stock Report on AVGO
Broadcom Trading Down 1.6%
Shares of NASDAQ:AVGO traded down $4.89 during trading on Friday, reaching $306.34. The company's stock had a trading volume of 22,795,520 shares, compared to its average volume of 17,011,082. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $317.35. The firm's 50 day simple moving average is $278.27 and its two-hundred day simple moving average is $229.63. The stock has a market capitalization of $1.44 trillion, a PE ratio of 114.73, a price-to-earnings-growth ratio of 2.21 and a beta of 1.15.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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 net margin of 22.64% and a return on equity of 35.49%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 EPS. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Insider Activity at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,286,457 over the last quarter. 2.00% of the stock is owned by insiders.
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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