ProVise Management Group LLC Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

ProVise Management Group LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 198 shares of the semiconductor manufacturer’s stock, valued at approximately $318,000.

Several other institutional investors have also bought and sold shares of AVGO. Swedbank AB bought a new stake in shares of Broadcom in the 1st quarter worth about $2,835,737,000. Vanguard Group Inc. increased its holdings in shares of Broadcom by 3.0% during the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. Capital International Investors boosted its holdings in shares of Broadcom by 4.5% in the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares in the last quarter. Finally, GQG Partners LLC grew its position in Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after acquiring an additional 983,328 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

Broadcom stock opened at $171.10 on Friday. The firm has a market capitalization of $796.45 billion, a PE ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. The company’s 50-day moving average is $156.81 and its 200-day moving average is $146.91. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

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, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. 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. Broadcom’s dividend payout ratio is 9.12%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Evercore ISI lifted their price target on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Melius Research started coverage on Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective for the company. Citigroup reaffirmed a “buy” rating and issued a $156.00 price target on shares of Broadcom in a research note on Tuesday, June 11th. 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. Finally, Sanford C. Bernstein boosted their price objective on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Insider Activity at Broadcom

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