BLKBRD Asset Management LP Takes Position in Broadcom Inc. $AVGO

BLKBRD Asset Management LP bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 2nd quarter, Holdings Channel.com reports. The firm bought 35,858 shares of the semiconductor manufacturer’s stock, valued at approximately $9,884,000. Broadcom comprises 5.6% of BLKBRD Asset Management LP’s holdings, making the stock its 5th biggest position.

A number of other large investors have also bought and sold shares of AVGO. Sawyer & Company Inc increased its stake in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 36 shares during the period. Longfellow Investment Management Co. LLC purchased a new stake in Broadcom during the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom in the 2nd quarter worth $28,000. LGT Financial Advisors LLC bought a new stake in Broadcom in the 2nd quarter worth $31,000. Finally, New England Capital Financial Advisors LLC purchased a new position in shares of Broadcom in the second quarter valued at about $31,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the transaction, the chief executive officer owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the transaction, the chief financial officer owned 313,330 shares of the company’s stock, valued at $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 837,433 shares of company stock worth $303,900,352 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 11.4%

Shares of NASDAQ:AVGO opened at $359.93 on Friday. The firm has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.38 and a beta of 1.19. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The stock has a 50 day moving average price of $363.17 and a 200-day moving average price of $317.38. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.The firm’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.42 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 49.58%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup reiterated a “buy” rating and set a $480.00 target price (up from $415.00) on shares of Broadcom in a report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $430.00 price target (up previously from $375.00) on shares of Broadcom in a research report on Friday. Barclays reiterated an “overweight” rating and issued a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a report on Friday. Wells Fargo & Company boosted their target price on Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research note on Friday, September 5th. Finally, Bank of America upped their target price on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of “Buy” and an average price target of $435.85.

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.