Granite Harbor Advisors Inc. Buys 1,628 Shares of Broadcom Inc. $AVGO

Key Points

• Granite Harbor Advisors Inc. increased its holdings in Broadcom Inc. by 53.7%, acquiring 1,628 additional shares for a total of 4,657 shares valued at approximately $780,000.
• Broadcom recently reported a quarterly earnings per share (EPS) of $1.58, exceeding expectations, with revenue up 20.2% year-over-year to $15 billion.
• The company announced a quarterly dividend of $0.59, yielding an annualized payout of $2.36 and a dividend payout ratio of 88.39%.

Granite Harbor Advisors Inc. raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 53.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 4,657 shares of the semiconductor manufacturer's stock after acquiring an additional 1,628 shares during the period. Granite Harbor Advisors Inc.'s holdings in Broadcom were worth $780,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of AVGO. Brooklyn Investment Group boosted its position in shares of Broadcom by 26.3% during the first quarter. Brooklyn Investment Group now owns 36,598 shares of the semiconductor manufacturer's stock valued at $6,128,000 after buying an additional 7,627 shares during the last quarter. Keystone Global Partners LLC bought a new stake in shares of Broadcom in the 1st quarter worth $139,000. Mill Creek Capital Advisors LLC raised its holdings in shares of Broadcom by 11.5% in the first quarter. Mill Creek Capital Advisors LLC now owns 9,258 shares of the semiconductor manufacturer's stock valued at $1,550,000 after purchasing an additional 954 shares during the last quarter. Freestone Capital Holdings LLC lifted its position in shares of Broadcom by 3.7% during the first quarter. Freestone Capital Holdings LLC now owns 147,269 shares of the semiconductor manufacturer's stock valued at $24,657,000 after purchasing an additional 5,317 shares in the last quarter. Finally, Foyston Gordon & Payne Inc boosted its holdings in Broadcom by 2.5% during the first quarter. Foyston Gordon & Payne Inc now owns 99,964 shares of the semiconductor manufacturer's stock worth $16,737,000 after purchasing an additional 2,483 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Down 1.6%

NASDAQ AVGO opened at $306.34 on Monday. The firm has a market cap of $1.44 trillion, a PE ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The stock has a 50-day moving average of $278.27 and a 200-day moving average of $229.89. 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 (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $307.46, for a total transaction of $245,968.00. Following the transaction, the director directly owned 23,782 shares of the company's stock, valued at approximately $7,312,013.72. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,286,457 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVGO shares. Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Citigroup boosted their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Finally, Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average target price of $295.96.

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.