Nutshell Asset Management Ltd Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Nutshell Asset Management Ltd has acquired a new position in Broadcom Inc., purchasing 73,500 shares valued at approximately $12.3 million, making it the 5th largest holding in their portfolio.
• Insider transactions have occurred, including the sale of 800 shares by Director Justine Page and 3,000 shares by Director Gayla J. Delly, contributing to a substantial insider sell-off of over 830,000 shares in the last quarter.
• Broadcom recently declared a quarterly dividend of $0.59 per share, with a current dividend yield of 0.8% and an annualized payment of $2.36.

Nutshell Asset Management Ltd purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 73,500 shares of the semiconductor manufacturer's stock, valued at approximately $12,306,000. Broadcom makes up 6.4% of Nutshell Asset Management Ltd's holdings, making the stock its 5th biggest holding.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth approximately $30,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director owned 24,582 shares of the company's stock, valued at $6,742,842.60. This represents a 3.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 0.7%

Shares of NASDAQ:AVGO opened at $303.76 on Friday. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $310.34. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business's 50-day moving average is $271.57 and its 200-day moving average is $226.37. The company has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 113.77, a P/E/G ratio of 2.15 and a beta of 1.15.

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

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVGO shares. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Morgan Stanley set a $338.00 price objective on Broadcom and gave the company an "overweight" rating in a research note on Wednesday, July 30th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $294.92.

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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