Morse Asset Management Inc Grows Holdings in Broadcom Inc. $AVGO

Key Points

• Morse Asset Management increased its Broadcom stake by 2.6% in the fourth quarter, bringing its holdings to 67,619 shares worth about $23.4 million. Broadcom now makes up roughly 4.7% of the firm’s portfolio and is its second-largest holding.
• Insiders have been selling shares, including S. Ram Velaga and Director Gayla J. Delly, while total insider sales over the last 90 days reached 324,282 shares valued at about $106.4 million. Insiders currently own 1.90% of Broadcom stock.
• Broadcom posted strong quarterly results, with EPS of $2.05 topping estimates and revenue of $19.31 billion, up 29.5% year over year. The company also paid a quarterly dividend of $0.65 per share and carries a consensus analyst rating of “Moderate Buy.”

Morse Asset Management Inc boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 67,619 shares of the semiconductor manufacturer's stock after acquiring an additional 1,743 shares during the period. Broadcom accounts for approximately 4.7% of Morse Asset Management Inc's holdings, making the stock its 2nd biggest holding. Morse Asset Management Inc's holdings in Broadcom were worth $23,403,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Baring Financial LLC lifted its position in Broadcom by 2.2% during the fourth quarter. Baring Financial LLC now owns 1,359 shares of the semiconductor manufacturer's stock valued at $470,000 after buying an additional 29 shares during the period. Five Oceans Advisors boosted its stake in Broadcom by 0.4% in the 4th quarter. Five Oceans Advisors now owns 8,191 shares of the semiconductor manufacturer's stock worth $2,835,000 after purchasing an additional 29 shares in the last quarter. Jackson Hole Capital Partners LLC boosted its stake in Broadcom by 1.4% in the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer's stock worth $716,000 after purchasing an additional 30 shares in the last quarter. Private Wealth Partners LLC raised its position in Broadcom by 0.7% in the 3rd quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer's stock worth $1,410,000 after buying an additional 30 shares during the last quarter. Finally, Planning Alternatives Ltd. ADV raised its position in Broadcom by 1.4% in the 3rd quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer's stock worth $715,000 after buying an additional 30 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, insider S. Ram Velaga sold 8,000 shares of the firm's stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total value of $2,964,160.00. Following the completion of the transaction, the insider directly owned 57,932 shares of the company's stock, valued at approximately $21,464,964.64. This trade represents a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of the firm's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the completion of the transaction, the director directly owned 32,352 shares of the company's stock, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 324,282 shares of company stock worth $106,425,249. Insiders own 1.90% of the company's stock.

Broadcom Trading Down 0.4%

Shares of AVGO opened at $428.43 on Tuesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a 1 year low of $215.88 and a 1 year high of $437.68. The company has a 50 day simple moving average of $356.98 and a two-hundred day simple moving average of $352.45. The firm has a market cap of $2.03 trillion, a P/E ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $19.10 billion. During the same period last year, the firm posted $1.60 EPS. The company's revenue was up 29.5% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, March 23rd. Broadcom's dividend payout ratio (DPR) is 50.78%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on AVGO shares. Rosenblatt Securities reaffirmed a "buy" rating and set a $500.00 price target on shares of Broadcom in a research report on Tuesday, April 7th. Royal Bank Of Canada reduced their price objective on shares of Broadcom from $370.00 to $340.00 and set a "sector perform" rating for the company in a research note on Monday, March 2nd. Zacks Research raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 2nd. Erste Group Bank cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Thursday, April 2nd. Finally, Weiss Ratings cut shares of Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $435.30.

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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