Waycross Partners LLC Has $22.01 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Waycross Partners LLC significantly increased its stake in Broadcom Inc. by 8,664.0% during the first quarter, now holding 131,460 shares valued at approximately $22 million.
• Broadcom's stock recently traded at $301.67, with a 1-year high of $306.95 and a market capitalization of $1.42 trillion.
• The company reported quarterly earnings of $1.58 EPS, surpassing expectations, and announced a quarterly dividend of $0.59 per share.

Waycross Partners LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8,664.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,460 shares of the semiconductor manufacturer's stock after buying an additional 129,960 shares during the period. Broadcom accounts for 2.5% of Waycross Partners LLC's portfolio, making the stock its 21st biggest holding. Waycross Partners LLC's holdings in Broadcom were worth $22,010,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd raised its holdings in shares of Broadcom by 175.3% in the 1st quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock worth $16,840,000 after purchasing an additional 64,038 shares in the last quarter. Nebula Research & Development LLC boosted its holdings in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares in the last quarter. Keener Financial Planning LLC boosted its holdings in Broadcom by 34.8% during the first quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock worth $149,000 after buying an additional 230 shares in the last quarter. Finally, Diversify Wealth Management LLC grew its position in Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock worth $6,365,000 after buying an additional 2,016 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded up $1.21 during trading on Friday, reaching $304.97. The company's stock had a trading volume of 12,439,353 shares, compared to its average volume of 17,052,154. Broadcom Inc. has a one year low of $134.90 and a one year high of $310.34. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The business's fifty day moving average price is $271.57 and its 200-day moving average price is $226.37.

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

Broadcom Announces Dividend

The business also recently announced 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 yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Arete Research upgraded Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. Susquehanna lifted their price target on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a report on Tuesday, June 24th. Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus price target of $294.92.

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.