ZEGA Investments LLC Reduces Holdings in Broadcom Inc. $AVGO

Key Points

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ZEGA Investments LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,329 shares of the semiconductor manufacturer's stock after selling 1,567 shares during the quarter. ZEGA Investments LLC's holdings in Broadcom were worth $557,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. True Wealth Design LLC increased its holdings in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares in the last quarter. Fulton Breakefield Broenniman LLC increased its holdings in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after acquiring an additional 50 shares in the last quarter. American Financial Advisors LLC increased its holdings in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after acquiring an additional 52 shares in the last quarter. GS Investments Inc. increased its holdings in Broadcom by 0.5% during the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock valued at $1,908,000 after acquiring an additional 52 shares in the last quarter. Finally, FCA Corp TX grew its holdings in shares of Broadcom by 0.5% during the first quarter. FCA Corp TX now owns 10,846 shares of the semiconductor manufacturer's stock worth $1,816,000 after buying an additional 54 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Morgan Stanley set a $338.00 target price on shares of Broadcom and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $295.96.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $307.46, for a total value of $245,968.00. Following the transaction, the director owned 23,782 shares in the company, valued at $7,312,013.72. This represents a 3.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders 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

AVGO stock opened at $305.76 on Tuesday. The company has a market capitalization of $1.44 trillion, a P/E ratio of 114.52, a PEG ratio of 2.18 and a beta of 1.15. The company has a 50-day simple moving average of $279.50 and a 200 day simple moving average of $230.48. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the company earned $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 0.8%. Broadcom's dividend payout ratio is currently 88.39%.

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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