Quantbot Technologies LP Has $7.15 Million Position in Broadcom Inc. $AVGO

Key Points

• Quantbot Technologies LP increased its stake in Broadcom Inc. by 80.1% during the first quarter, owning 42,728 shares valued at approximately $7.15 million.
• Broadcom's recent financial performance includes a $1.58 EPS for the quarter, slightly exceeding consensus estimates, and revenue of $15 billion, up 20.2% year-over-year.
• Broadcom announced a quarterly dividend of $0.59 per share, resulting in an annualized yield of 0.8% and a payout ratio of 88.39%.

Quantbot Technologies LP raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 80.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,728 shares of the semiconductor manufacturer's stock after purchasing an additional 19,008 shares during the period. Quantbot Technologies LP's holdings in Broadcom were worth $7,154,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $30,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom in the first quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter valued at approximately $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In related news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was 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 $256,489,182.32. This trade represents a 10.40% decrease in their position. 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 firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock valued at $217,286,457. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $306.34 on Monday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 114.73, a P/E/G ratio of 2.18 and a beta of 1.15. The firm's 50 day simple moving average is $278.27 and its 200 day simple moving average is $229.89. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results 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 the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.96 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Evercore ISI reissued an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. Finally, Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of "Buy" and an average target price of $295.96.

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.

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