SevenBridge Financial Group LLC Increases Stake in Broadcom Inc. $AVGO

SevenBridge Financial Group LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 21.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 14,404 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,577 shares during the period. SevenBridge Financial Group LLC’s holdings in Broadcom were worth $3,970,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Sawyer & Company Inc raised its holdings 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 bought a new position in Broadcom in the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. purchased a new stake in Broadcom in the second quarter worth $28,000. Teachers Insurance & Annuity Association of America bought a new stake in shares of Broadcom during the second quarter worth $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter valued at $31,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Mark David Brazeal sold 16,558 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the sale, the insider owned 329,302 shares in the company, valued at $114,468,668.22. This represents a 4.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $331.14, for a total transaction of $264,912.00. Following the transaction, the director directly owned 21,382 shares of the company’s stock, valued at $7,080,435.48. This represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 836,633 shares of company stock valued at $303,612,352. 2.00% of the stock is owned by insiders.

Broadcom Trading Down 11.4%

Broadcom stock opened at $359.93 on Monday. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The stock has a market cap of $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The stock has a 50-day moving average of $363.17 and a two-hundred day moving average of $318.50.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the prior year, the business posted $1.42 EPS. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is 49.58%.

Analysts Set New Price Targets

AVGO has been the topic of a number of research reports. Susquehanna reaffirmed a “positive” rating and set a $450.00 target price (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Raymond James Financial set a $420.00 target price on Broadcom and gave the company an “outperform” rating in a research report on Thursday, November 20th. Bank of America boosted their price target on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday. Rosenblatt Securities raised their price objective on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Finally, Macquarie assumed coverage on Broadcom in a research note on Monday, September 15th. They issued an “outperform” rating and a $420.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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.