Davidson Capital Management Inc. Has $3.16 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Davidson Capital Management Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 13.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,965 shares of the semiconductor manufacturer’s stock after selling 295 shares during the period. Davidson Capital Management Inc.’s holdings in Broadcom were worth $3,155,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. TBH Global Asset Management LLC lifted its position in shares of Broadcom by 29.2% in the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 145 shares during the period. Gilbert & Cook Inc. lifted its holdings in Broadcom by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after buying an additional 39 shares during the period. Aveo Capital Partners LLC boosted its position in Broadcom by 15.9% during the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock valued at $512,000 after acquiring an additional 63 shares during the last quarter. 9258 Wealth Management LLC grew its holdings in Broadcom by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after acquiring an additional 58 shares during the period. Finally, Gryphon Financial Partners LLC raised its position in shares of Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $167.42 on Friday. The business has a 50 day moving average of $156.80 and a 200-day moving average of $146.69. The firm has a market cap of $779.32 billion, a PE ratio of 7.20, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue was up 47.3% compared to the same quarter last year. During the same period last year, the firm posted $0.95 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.27%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Barclays raised their price objective on shares of Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. UBS Group dropped their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Mizuho raised their price target on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Jefferies Financial Group upped their price objective on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $189.23.

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.