Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Saiph Capital LLC

Key Points

• Saiph Capital LLC significantly increased its ownership in Broadcom Inc. by 562.2% in the first quarter, making it the company's 20th largest holding valued at approximately $1.36 million.
• Research firms have generally upgraded Broadcom's stock rating, with Arete Research giving it a "strong-buy" rating and target prices ranging from $300 to $400 by various analysts.
• Broadcom announced a quarterly dividend of $0.59, translating to an annualized rate of $2.36 and a dividend yield of 0.8%.

Saiph Capital LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 562.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,145 shares of the semiconductor manufacturer's stock after purchasing an additional 6,915 shares during the quarter. Broadcom makes up 0.5% of Saiph Capital LLC's investment portfolio, making the stock its 20th largest position. Saiph Capital LLC's holdings in Broadcom were worth $1,364,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $25,000. Cheviot Value Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

AVGO stock traded up $8.93 during midday trading on Tuesday, hitting $312.83. 17,604,553 shares of the stock were exchanged, compared to its average volume of 16,984,464. The stock's 50-day moving average price is $275.10 and its 200-day moving average price is $227.64. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $313.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued 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 currently 88.39%.

Analyst Ratings Changes

AVGO has been the topic of a number of recent research reports. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a report on Saturday. The Goldman Sachs Group initiated coverage on shares of Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price on the stock. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last 90 days. Insiders own 2.00% of the company's stock.

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.