Oak Grove Capital LLC Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Oak Grove Capital LLC significantly reduced its stake in Broadcom Inc. by 64.7% during the first quarter, bringing its holdings down to 25,745 shares, valued at approximately $4.31 million.
• Multiple institutional investors have recently increased their positions in Broadcom, with notable purchases from firms like Barnes Dennig Private Wealth Management LLC and Cheviot Value Management LLC, totaling around $25,000 each.
• Despite recent insider sales, Broadcom maintains a consensus analyst rating of "Buy", with several analysts raising price targets, reflecting continued confidence in the company's performance.

Oak Grove Capital LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 64.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,745 shares of the semiconductor manufacturer's stock after selling 47,140 shares during the period. Broadcom makes up 0.9% of Oak Grove Capital LLC's portfolio, making the stock its 22nd largest holding. Oak Grove Capital LLC's holdings in Broadcom were worth $4,310,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $25,000. Cheviot Value Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter worth about $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVGO has been the subject of a number of recent analyst reports. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $295.96.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock worth $217,040,489 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 0.7%

NASDAQ AVGO opened at $311.23 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.46 trillion, a PE ratio of 116.57, a price-to-earnings-growth ratio of 2.20 and a beta of 1.15. The company has a 50 day moving average price of $277.08 and a 200 day moving average price of $228.95. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.96 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.