Keystone Global Partners LLC Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Keystone Global Partners LLC acquired a new position in Broadcom Inc. worth approximately $139,000 by purchasing 831 shares during the 1st quarter.
• Several institutional investors, including Nuveen LLC with a purchase of $6.65 billion, have significantly increased their stakes in Broadcom, which is now owned 76.43% by institutional investors.
• Broadcom has received multiple analyst upgrades, with target prices raised significantly, including a new target of $340.00 from Rosenblatt Securities and a general consensus rating of "Buy".

Keystone Global Partners LLC bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 831 shares of the semiconductor manufacturer's stock, valued at approximately $139,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Broadcom during the first quarter worth $6,649,117,000. GAMMA Investing LLC boosted its stake in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Broadcom by 16.7% in the first quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after buying an additional 4,550,647 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent research reports. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Wells Fargo & Company upped their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $295.96.

Insider Buying and Selling

In related 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 value of $125,739,356.34. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% 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 in the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $306.34 on Friday. Broadcom Inc. has a one year low of $134.90 and a one year high of $317.35. 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 stock has a market cap of $1.44 trillion, a PE ratio of 114.73, a P/E/G ratio of 2.18 and a beta of 1.15. The stock has a 50 day moving average price of $278.27 and a 200 day moving average price of $229.79.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the firm earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

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