Keel Point LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Keel Point LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,007 shares of the semiconductor manufacturer’s stock after acquiring an additional 133 shares during the period. Keel Point LLC’s holdings in Broadcom were worth $874,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. MRP Capital Investments LLC grew its holdings in Broadcom by 60.0% during the 1st quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock valued at $36,000 after purchasing an additional 21 shares in the last quarter. VitalStone Financial LLC boosted its holdings in Broadcom by 71.4% in the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock valued at $40,000 after purchasing an additional 25 shares during the last quarter. Sageworth Trust Co purchased a new stake in Broadcom during the 1st quarter worth approximately $39,000. Tucker Asset Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at approximately $43,000. Finally, Grey Fox Wealth Advisors LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $39,000. 78.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Needham & Company LLC increased their price target on shares of Broadcom from $33.00 to $44.00 in a research report on Friday, September 1st. Wells Fargo & Company increased their price objective on shares of Broadcom from $800.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Friday, September 1st. Bank of America raised their target price on Broadcom from $950.00 to $1,050.00 in a research note on Thursday, June 22nd. Rosenblatt Securities increased their price objective on Broadcom from $900.00 to $1,000.00 in a report on Friday, September 1st. Finally, Mizuho raised their target price on shares of Broadcom from $840.00 to $960.00 in a research note on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $846.14.

Broadcom Trading Down 0.6 %

Shares of AVGO traded down $5.22 on Tuesday, reaching $844.78. 369,616 shares of the company’s stock were exchanged, compared to its average volume of 2,494,290. The business has a 50 day moving average price of $875.05 and a two-hundred day moving average price of $763.54. Broadcom Inc. has a 12 month low of $415.07 and a 12 month high of $923.67. The stock has a market capitalization of $348.67 billion, a P/E ratio of 26.14, a price-to-earnings-growth ratio of 1.78 and a beta of 1.10. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. The firm’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the company earned $9.07 EPS. Research analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low bought 11,000 shares of Broadcom stock in a transaction on Wednesday, September 6th. The shares were purchased at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the acquisition, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Check Kian Low bought 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the acquisition, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the sale, the director now directly owns 9,123 shares in the company, valued at $7,806,368.64. The disclosure for this sale can be found here. 2.20% of the stock is owned by corporate insiders.

Broadcom Company Profile

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.