Sanders Morris Harris LLC Has $3.51 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Sanders Morris Harris LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 20,350 shares of the semiconductor manufacturer’s stock after purchasing an additional 18,315 shares during the quarter. Broadcom comprises about 0.6% of Sanders Morris Harris LLC’s investment portfolio, making the stock its 28th largest position. Sanders Morris Harris LLC’s holdings in Broadcom were worth $3,510,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AXA S.A. boosted its stake in Broadcom by 2.7% in the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares in the last quarter. MRA Advisory Group lifted its stake in shares of Broadcom by 954.1% during the third quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock valued at $1,631,000 after acquiring an additional 8,558 shares during the period. Ensign Peak Advisors Inc lifted its stake in shares of Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after acquiring an additional 84,196 shares during the period. Red Spruce Capital LLC lifted its stake in shares of Broadcom by 854.9% during the third quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock valued at $5,678,000 after acquiring an additional 29,468 shares during the period. Finally, Shellback Capital LP acquired a new position in shares of Broadcom during the second quarter valued at $60,368,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Broadcom stock opened at $184.50 on Thursday. The stock’s fifty day moving average price is $161.39 and its two-hundred day moving average price is $150.97. Broadcom Inc. has a one year low of $81.83 and a one year high of $186.42. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm has a market cap of $858.83 billion, a PE ratio of 8.00, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter last year, the company posted $0.95 EPS. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research note on Friday, September 6th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. The Goldman Sachs Group upped their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Evercore ISI upped their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $190.29.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 150,000 shares of Broadcom stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the transaction, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at approximately $204,399,515.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $172.94, for a total value of $25,941,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 276,230 shares of company stock valued at $47,190,190 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.