CenterBook Partners LP Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

CenterBook Partners LP bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 107,167 shares of the semiconductor manufacturer’s stock, valued at approximately $17,943,000. Broadcom accounts for 1.1% of CenterBook Partners LP’s portfolio, making the stock its 13th largest position.

Several other hedge funds have also bought and sold shares of AVGO. True Wealth Design LLC lifted its holdings in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 48 shares in the last quarter. Fulton Breakefield Broenniman LLC grew its stake in Broadcom by 2.4% in the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock worth $357,000 after purchasing an additional 50 shares in the last quarter. American Financial Advisors LLC raised its position in shares of Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $240,000 after acquiring an additional 52 shares in the last quarter. GS Investments Inc. increased its stake in Broadcom by 0.5% during the first quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer’s stock valued at $1,908,000 after purchasing an additional 52 shares during the last quarter. Finally, First Bank & Trust boosted its holdings in shares of Broadcom by 1.9% in the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer’s stock valued at $493,000 after buying an additional 55 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the business’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $301.67 on Thursday. The stock has a market capitalization of $1.42 trillion, a PE ratio of 112.99, a P/E/G ratio of 2.08 and a beta of 1.15. The business has a fifty day moving average price of $270.33 and a two-hundred day moving average price of $225.92. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $306.95. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom’s payout ratio is currently 88.39%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Oppenheimer lifted their price objective on shares of Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Finally, Mizuho lifted their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $294.92.

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.