Y Intercept Hong Kong Ltd Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Y Intercept Hong Kong Ltd grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,932 shares of the semiconductor manufacturer's stock after buying an additional 5,371 shares during the period. Broadcom makes up 0.6% of Y Intercept Hong Kong Ltd's portfolio, making the stock its 13th biggest position. Y Intercept Hong Kong Ltd's holdings in Broadcom were worth $8,695,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. increased 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 worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Nebula Research & Development LLC lifted its position in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after acquiring an additional 14,399 shares during the period. Diversify Wealth Management LLC lifted its position in shares of Broadcom by 5.6% during the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after acquiring an additional 2,016 shares during the period. OMNI 360 Wealth Inc. lifted its position in shares of Broadcom by 51.6% during the 1st quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock valued at $499,000 after acquiring an additional 1,014 shares during the period. Finally, Coppell Advisory Solutions LLC lifted its position in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after acquiring an additional 86,884 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of Broadcom stock traded up $5.10 during trading on Wednesday, reaching $283.69. 20,467,451 shares of the stock traded hands, compared to its average volume of 27,700,735. The company has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.25, a P/E/G ratio of 2.05 and a beta of 1.12. The business has a fifty day simple moving average of $254.41 and a two-hundred day simple moving average of $220.17. 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 52-week low of $128.50 and a 52-week high of $295.19.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly 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 company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $10.96 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Oppenheimer upped their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $292.08.

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.