OneAscent Investment Solutions LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

OneAscent Investment Solutions LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,400 shares of the semiconductor manufacturer’s stock, valued at approximately $234,000.

A number of other hedge funds have also made changes to their positions in the company. Vestmark Advisory Solutions Inc. increased its position in shares of Broadcom by 128.7% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 93,529 shares of the semiconductor manufacturer’s stock worth $15,660,000 after purchasing an additional 52,640 shares in the last quarter. Lord Abbett & CO. LLC increased its position in shares of Broadcom by 5.3% during the 1st quarter. Lord Abbett & CO. LLC now owns 2,045,121 shares of the semiconductor manufacturer’s stock worth $342,415,000 after purchasing an additional 103,252 shares in the last quarter. DSM Capital Partners LLC increased its position in shares of Broadcom by 9,598.6% during the 1st quarter. DSM Capital Partners LLC now owns 495,402 shares of the semiconductor manufacturer’s stock worth $82,945,000 after purchasing an additional 490,294 shares in the last quarter. Sit Investment Associates Inc. increased its position in shares of Broadcom by 4.3% during the 1st quarter. Sit Investment Associates Inc. now owns 531,988 shares of the semiconductor manufacturer’s stock worth $89,071,000 after purchasing an additional 22,152 shares in the last quarter. Finally, Ted Buchan & Co increased its position in shares of Broadcom by 3.2% during the 1st quarter. Ted Buchan & Co now owns 12,621 shares of the semiconductor manufacturer’s stock worth $2,113,000 after purchasing an additional 393 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 1.2%

Broadcom stock opened at $309.09 on Thursday. The company’s 50 day simple moving average is $276.06 and its 200 day simple moving average is $228.20. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The firm has a market capitalization of $1.45 trillion, a price-to-earnings ratio of 115.76, a PEG ratio of 2.22 and a beta of 1.15. 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 announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating 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 firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current 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 paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 473,898 shares of Broadcom 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 completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Mizuho increased their target price on shares of Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Morgan Stanley set a $338.00 price objective on shares of Broadcom and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $294.92.

Broadcom 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.