Neville Rodie & Shaw Inc. Increases Stake in Broadcom Inc. $AVGO

Key Points

• Neville Rodie & Shaw increased its Broadcom stake by 7.5% in the second quarter, bringing its holdings to 51,008 shares valued at approximately $19.3 million. Institutional investors collectively own 76.43% of Broadcom.
• Broadcom reported quarterly revenue of $22.19 billion and EPS of $2.44, beating analyst estimates, while revenue grew 47.9% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $493.24.
• Broadcom shares opened at $392.23, with a market capitalization of roughly $1.87 trillion. Company insiders sold 61,644 shares worth about $24 million over the past three months, and the stock recently paid a quarterly dividend of $0.65 per share.

Neville Rodie & Shaw Inc. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 51,008 shares of the semiconductor manufacturer's stock after purchasing an additional 3,558 shares during the quarter. Broadcom makes up about 1.2% of Neville Rodie & Shaw Inc.'s portfolio, making the stock its 24th biggest holding. Neville Rodie & Shaw Inc.'s holdings in Broadcom were worth $19,268,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Norges Bank acquired a new position in Broadcom during the fourth quarter worth about $24,252,196,000. Cardano Risk Management B.V. grew its stake in Broadcom by 895.2% during the 4th quarter. Cardano Risk Management B.V. now owns 12,689,800 shares of the semiconductor manufacturer's stock valued at $4,391,940,000 after acquiring an additional 11,414,701 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Broadcom by 118.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 18,739,006 shares of the semiconductor manufacturer's stock valued at $5,799,889,000 after acquiring an additional 10,145,377 shares during the last quarter. State Street Corp raised its holdings in Broadcom by 2.7% in the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer's stock valued at $65,788,194,000 after acquiring an additional 5,040,801 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Broadcom by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer's stock worth $167,064,997,000 after purchasing an additional 3,919,715 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 1,602 shares of Broadcom stock in a transaction on Monday, June 29th. The stock was sold at an average price of $373.86, for a total value of $598,923.72. Following the sale, the director owned 17,426 shares in the company, valued at $6,514,884.36. The trade was a 8.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 1,890 shares of the company's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the transaction, the director directly owned 31,326 shares in the company, valued at approximately $12,072,413.88. This trade represents a 5.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 61,644 shares of company stock worth $24,016,214 in the last three months. 1.90% of the stock is owned by insiders.

Broadcom Stock Performance

Broadcom stock opened at $392.23 on Tuesday. The firm has a 50 day simple moving average of $393.64 and a 200-day simple moving average of $368.48. The stock has a market cap of $1.87 trillion, a price-to-earnings ratio of 65.37, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 1-year low of $281.87 and a 1-year high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the previous year, the company earned $1.58 EPS. The business's revenue for the quarter was up 47.9% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were paid a dividend of $0.65 per share. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom's dividend payout ratio (DPR) is 43.33%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and set a $525.00 target price on shares of Broadcom in a report on Thursday, June 4th. TD Cowen reiterated a "buy" rating and set a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Dbs Bank raised Broadcom to a "moderate buy" rating in a research note on Thursday, June 18th. KeyCorp restated an "overweight" rating and issued a $575.00 target price (up from $500.00) on shares of Broadcom in a report on Thursday, June 4th. Finally, Mizuho raised their target price on Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a research note on Thursday, June 4th. Twenty-eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $493.24.

Broadcom Company 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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