Global Retirement Partners LLC Grows Stock Position in Broadcom Inc. $AVGO

Key Points

• Global Retirement Partners LLC boosted its Broadcom holding by 3.0% in Q3 to 94,227 shares (worth about $31.09 million), representing ~0.7% of the firm's portfolio and its 25th largest position.
• Wall Street sentiment is positive: Broadcom has a consensus "Buy" rating with a $436.89 average price target, and several brokers recently raised targets (KeyCorp & Bank of America to $500, Citi to $480, Oppenheimer to $450).
• Fundamentals and insider activity: Broadcom beat quarterly estimates (EPS $1.95 vs. $1.87; revenue $18.02B, up 28.2% YoY), raised its quarterly dividend to $0.65, while insiders have been active—CEO Hock E. Tan sold 100,000 shares and a director purchased 1,000 shares.

Global Retirement Partners LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,227 shares of the semiconductor manufacturer's stock after buying an additional 2,721 shares during the quarter. Broadcom accounts for approximately 0.7% of Global Retirement Partners LLC's investment portfolio, making the stock its 25th largest position. Global Retirement Partners LLC's holdings in Broadcom were worth $31,086,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer's stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. State Street Corp raised its position in Broadcom by 0.5% in the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer's stock worth $51,071,601,000 after purchasing an additional 873,963 shares during the period. Geode Capital Management LLC lifted its stake in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer's stock worth $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new position in shares of Broadcom during the second quarter valued at approximately $18,579,549,000. Finally, Invesco Ltd. boosted its position in shares of Broadcom by 8.4% during the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer's stock valued at $10,598,641,000 after buying an additional 2,978,768 shares during the period. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on AVGO. Oppenheimer upped their price objective on Broadcom from $435.00 to $450.00 and gave the company an "outperform" rating in a research report on Friday, December 12th. KeyCorp reissued an "overweight" rating and set a $500.00 target price (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Bank of America raised their price target on shares of Broadcom from $460.00 to $500.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. Citigroup reiterated a "buy" rating and set a $480.00 price objective (up previously from $415.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Broadcom in a research report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus price target of $436.89.

Insider Activity at Broadcom

In related news, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction dated Thursday, December 18th. The stock was purchased at an average cost of $325.13 per share, with a total value of $325,130.00. Following the transaction, the director owned 36,602 shares in the company, valued at approximately $11,900,408.26. The trade was a 2.81% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of the company's stock in a transaction on Tuesday, December 23rd. The stock was sold at an average price of $345.65, for a total value of $34,565,000.00. Following the sale, the chief executive officer owned 495,638 shares of the company's stock, valued at $171,317,274.70. This trade represents a 16.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 680,701 shares of company stock valued at $249,624,757 over the last 90 days. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.1%

Shares of Broadcom stock opened at $343.50 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The firm's 50-day moving average is $361.10 and its two-hundred day moving average is $329.81. The stock has a market cap of $1.63 trillion, a price-to-earnings ratio of 72.16, a PEG ratio of 1.16 and a beta of 1.21.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the business posted $1.42 EPS. The company's quarterly revenue was up 28.2% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is a positive change from Broadcom's previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom's payout ratio is presently 54.62%.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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