1832 Asset Management L.P. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

1832 Asset Management L.P. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 30.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 77,539 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,965 shares during the quarter. 1832 Asset Management L.P.’s holdings in Broadcom were worth $124,491,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Quest Investment Management LLC lifted its position in shares of Broadcom by 38.1% during the second quarter. Quest Investment Management LLC now owns 12,050 shares of the semiconductor manufacturer’s stock worth $19,347,000 after purchasing an additional 3,327 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of Broadcom by 1,103.7% during the second quarter. Frank Rimerman Advisors LLC now owns 9,750 shares of the semiconductor manufacturer’s stock worth $15,654,000 after purchasing an additional 8,940 shares in the last quarter. Profund Advisors LLC lifted its position in shares of Broadcom by 4.0% during the second quarter. Profund Advisors LLC now owns 70,581 shares of the semiconductor manufacturer’s stock worth $113,320,000 after purchasing an additional 2,697 shares in the last quarter. Circle Wealth Management LLC lifted its position in shares of Broadcom by 109.9% during the second quarter. Circle Wealth Management LLC now owns 1,146 shares of the semiconductor manufacturer’s stock worth $1,840,000 after purchasing an additional 600 shares in the last quarter. Finally, Kowal Investment Group LLC lifted its position in shares of Broadcom by 16.4% during the second quarter. Kowal Investment Group LLC now owns 989 shares of the semiconductor manufacturer’s stock worth $1,588,000 after purchasing an additional 139 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on AVGO shares. Piper Sandler increased their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Morgan Stanley raised their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Melius assumed coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, The Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two equities research 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 company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Activity at Broadcom

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

Broadcom Stock Performance

Shares of AVGO opened at $171.10 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market cap of $796.45 billion, a PE ratio of 7.36, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company’s 50 day simple moving average is $156.81 and its 200-day simple moving average is $146.91. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16.

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, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the firm posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Broadcom 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.