Manhattan West Asset Management LLC Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Manhattan West Asset Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 16.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,278 shares of the semiconductor manufacturer’s stock after buying an additional 4,775 shares during the period. Broadcom makes up about 1.5% of Manhattan West Asset Management LLC’s investment portfolio, making the stock its 18th biggest position. Manhattan West Asset Management LLC’s holdings in Broadcom were worth $5,739,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth about $30,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth about $26,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $304.97 on Friday. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a PEG ratio of 2.16 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $310.34. The company has a fifty day simple moving average of $272.87 and a 200 day simple moving average of $226.82.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm posted $10.96 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued 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 dividend payout ratio is currently 88.39%.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 in the last three months. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Oppenheimer upped their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $294.92.

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.