Kayne Anderson Rudnick Investment Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Kayne Anderson Rudnick Investment Management LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2,948.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,452 shares of the semiconductor manufacturer’s stock after buying an additional 13,978 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Broadcom were worth $23,204,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Ensign Peak Advisors Inc raised its stake in Broadcom by 19.1% in the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after buying an additional 84,196 shares in the last quarter. RiverGlades Family Offices LLC bought a new position in Broadcom in the second quarter worth approximately $210,000. Kiely Wealth Advisory Group Inc. bought a new position in Broadcom in the second quarter worth approximately $128,000. Thrivent Financial for Lutherans raised its stake in Broadcom by 84.2% in the second quarter. Thrivent Financial for Lutherans now owns 103,814 shares of the semiconductor manufacturer’s stock worth $166,676,000 after buying an additional 47,452 shares in the last quarter. Finally, Thames Capital Management LLC bought a new position in Broadcom in the second quarter worth approximately $326,000. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AVGO. Melius Research assumed coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. Wells Fargo & Company raised their price objective on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $200.00 target price on shares of Broadcom in a research report on Friday, September 6th. Melius initiated coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. Finally, Evercore ISI boosted their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $189.23.

Insider Activity

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated 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 directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now 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.

Broadcom Trading Up 2.2 %

Broadcom stock 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 stock’s 50 day simple moving average is $156.81 and its two-hundred 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. The firm has a market cap of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating 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 company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

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

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.