Sand Hill Global Advisors LLC Boosts Stock Position in Broadcom Inc. $AVGO

Key Points

• Sand Hill Global Advisors LLC significantly increased its stake in Broadcom Inc. by 1,089.4%, acquiring 34,316 additional shares, bringing their total holdings to 37,466 shares valued at approximately $6.27 million.
• Several institutional investors, including Brighton Jones LLC and JPMorgan Chase & Co., also expanded their positions in Broadcom during the fourth quarter, indicating strong institutional confidence in the company.
• Analysts have predominantly rated Broadcom as a "buy," with a consensus target price of $295.96, reflecting a positive outlook amidst a recent price performance increase.

Sand Hill Global Advisors LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,089.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,466 shares of the semiconductor manufacturer's stock after buying an additional 34,316 shares during the quarter. Sand Hill Global Advisors LLC's holdings in Broadcom were worth $6,273,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Brighton Jones LLC increased its position in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE increased its position in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $602,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. UBS Group boosted their price target on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Finally, KeyCorp boosted their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $295.96.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $306.34 on Monday. The stock's 50-day moving average is $278.27 and its two-hundred day moving average is $229.89. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The company has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.73, a price-to-earnings-growth ratio of 2.18 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 for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,286,457. 2.00% of the stock is currently owned by company insiders.

Broadcom Company 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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