Broadcom Inc. (NASDAQ:AVGO) Holdings Raised by Malaga Cove Capital LLC

Malaga Cove Capital LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,296.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,300 shares of the semiconductor manufacturer’s stock after purchasing an additional 8,634 shares during the period. Malaga Cove Capital LLC’s holdings in Broadcom were worth $1,604,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of AVGO. WNY Asset Management LLC lifted its holdings in shares of Broadcom by 5.4% during the first quarter. WNY Asset Management LLC now owns 315 shares of the semiconductor manufacturer’s stock valued at $417,000 after purchasing an additional 16 shares during the last quarter. Choate Investment Advisors lifted its stake in Broadcom by 1.6% in the 1st quarter. Choate Investment Advisors now owns 2,360 shares of the semiconductor manufacturer’s stock worth $3,128,000 after acquiring an additional 37 shares in the last quarter. NorthRock Partners LLC lifted its stake in Broadcom by 24.5% in the 1st quarter. NorthRock Partners LLC now owns 3,150 shares of the semiconductor manufacturer’s stock worth $4,175,000 after acquiring an additional 620 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in Broadcom by 36.3% in the 1st quarter. Meeder Asset Management Inc. now owns 23,003 shares of the semiconductor manufacturer’s stock worth $30,488,000 after acquiring an additional 6,132 shares in the last quarter. Finally, Meeder Advisory Services Inc. lifted its stake in Broadcom by 5.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,376 shares of the semiconductor manufacturer’s stock worth $8,451,000 after acquiring an additional 305 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

AVGO opened at $183.64 on Friday. The firm has a market capitalization of $857.71 billion, a P/E ratio of 159.55, a price-to-earnings-growth ratio of 2.11 and a beta of 1.17. The stock’s 50 day moving average price is $170.75 and its two-hundred day moving average price is $157.78. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 EPS. On average, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.15%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 184.19%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. increased their price objective on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, Rosenblatt Securities cut their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 10,000 shares of Broadcom stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $167.14, for a total transaction of $1,671,400.00. Following the sale, the chief executive officer now owns 1,171,910 shares of the company’s stock, valued at approximately $195,873,037.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 750 shares of the firm’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 owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 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.