Mach 1 Financial Group LLC Raises Position in Broadcom Inc. $AVGO

Key Points

• Mach 1 Financial Group LLC increased its Broadcom stake by 277.8% in the fourth quarter, buying 12,852 additional shares to bring its total to 17,479 shares worth about $6.0 million.
• Broadcom continues to attract institutional interest, with several other hedge funds also adding shares and 76.43% of the stock now held by institutional investors.
• Analysts remain generally positive on AVGO despite a few downgrades, with a Moderate Buy consensus and an average price target of $448.10; Broadcom also recently beat quarterly earnings and revenue estimates.

Mach 1 Financial Group LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 277.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 17,479 shares of the semiconductor manufacturer's stock after purchasing an additional 12,852 shares during the period. Broadcom comprises about 1.2% of Mach 1 Financial Group LLC's investment portfolio, making the stock its 21st biggest position. Mach 1 Financial Group LLC's holdings in Broadcom were worth $6,049,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the period. Revolve Wealth Partners LLC boosted its stake in Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the last quarter. United Bank boosted its position in shares of Broadcom by 76.5% during the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock valued at $392,000 after acquiring an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC lifted its position in Broadcom by 10.1% during the second quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after purchasing an additional 1,160 shares during the last quarter. Finally, Capital & Planning LLC grew its position in Broadcom by 10.5% in the second quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock worth $1,098,000 after acquiring an additional 378 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on AVGO shares. Bank of America dropped their price objective on shares of Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research note on Thursday, March 5th. Erste Group Bank cut Broadcom from a "buy" rating to a "hold" rating in a research note on Thursday, April 2nd. Citigroup reissued a "buy" rating and set a $500.00 target price (up from $475.00) on shares of Broadcom in a research report on Tuesday, May 12th. UBS Group reiterated a "buy" rating and issued a $490.00 price target (up from $475.00) on shares of Broadcom in a report on Monday, May 18th. Finally, Zacks Research lowered Broadcom from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $448.10.

Insider Buying and Selling

In other news, Director Gayla J. Delly sold 1,000 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the transaction, the director owned 32,352 shares in the company, valued at $11,592,045.12. This represents a 3.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the transaction, the insider directly owned 787,184 shares of the company's stock, valued at $271,759,532.32. The trade was a 1.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 in the last 90 days. 1.90% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO opened at $414.14 on Tuesday. The company has a market cap of $1.96 trillion, a price-to-earnings ratio of 80.89, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. Broadcom Inc. has a twelve month low of $226.18 and a twelve month high of $442.36. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The company has a 50 day moving average of $374.86 and a two-hundred day moving average of $356.49.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same period in the previous year, the company earned $1.60 earnings per share. The business's revenue for the quarter was up 29.5% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 9.91 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio is currently 50.78%.

About Broadcom

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.