Deepwater Asset Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Deepwater Asset Management LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 70,544 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,229 shares during the quarter. Broadcom comprises about 5.0% of Deepwater Asset Management LLC’s holdings, making the stock its 14th largest position. Deepwater Asset Management LLC’s holdings in Broadcom were worth $11,811,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AVGO. True Wealth Design LLC boosted its stake in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares during the period. Fulton Breakefield Broenniman LLC boosted its stake in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock valued at $357,000 after buying an additional 50 shares during the period. American Financial Advisors LLC boosted its stake in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $240,000 after buying an additional 52 shares during the period. GS Investments Inc. boosted 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 buying an additional 52 shares during the period. Finally, FCA Corp TX boosted its stake in Broadcom by 0.5% during the first quarter. FCA Corp TX now owns 10,846 shares of the semiconductor manufacturer’s stock valued at $1,816,000 after buying an additional 54 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the business’s 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 directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO stock opened at $311.23 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. 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 cap of $1.46 trillion, a P/E ratio of 116.57, a P/E/G ratio of 2.20 and a beta of 1.15. The business’s 50 day moving average price is $277.08 and its 200-day moving average price is $228.95.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. 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 88.39%.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. The Goldman Sachs Group reissued a “buy” rating and set a $340.00 price objective on shares of Broadcom in a research note on Wednesday. UBS Group lifted their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. KeyCorp lifted their price objective on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Finally, Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Two equities research 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. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and an average price target of $295.96.

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.