Morton Capital Management LLC CA Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Morton Capital Management LLC CA raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 2,316.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,108 shares of the semiconductor manufacturer’s stock after buying an additional 3,938 shares during the period. Morton Capital Management LLC CA’s holdings in Broadcom were worth $709,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in AVGO. 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 buying an additional 7,608 shares in the last quarter. MRA Advisory Group lifted its holdings in shares of Broadcom by 954.1% in the 3rd quarter. MRA Advisory Group now owns 9,455 shares of the semiconductor manufacturer’s stock worth $1,631,000 after acquiring an additional 8,558 shares during the last quarter. Ensign Peak Advisors Inc lifted its holdings in shares of Broadcom by 19.1% in the 2nd quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after acquiring an additional 84,196 shares during the last quarter. Red Spruce Capital LLC boosted its stake in shares of Broadcom by 854.9% in the 3rd quarter. Red Spruce Capital LLC now owns 32,915 shares of the semiconductor manufacturer’s stock valued at $5,678,000 after purchasing an additional 29,468 shares in the last quarter. Finally, Shellback Capital LP bought a new position in shares of Broadcom during the 2nd quarter valued at $60,368,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVGO. Sanford C. Bernstein upped their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Barclays increased their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, UBS Group dropped their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $190.29.

Broadcom Price Performance

AVGO opened at $184.52 on Thursday. 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 company has a market cap of $858.92 billion, a price-to-earnings ratio of 7.94, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The stock has a fifty day simple moving average of $161.39 and a two-hundred day simple moving average of $150.97. Broadcom Inc. has a 12-month low of $81.83 and a 12-month high of $186.42.

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, 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 during the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the business earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. 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 1.15%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is currently 9.12%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 20,280 shares of the firm’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares in the company, valued at $70,744,366. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the sale, the insider now owns 399,460 shares in the company, valued at approximately $70,744,366. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 276,230 shares of company stock worth $47,190,190 in the last 90 days. Insiders own 2.00% of the company’s stock.

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.