Y Intercept Hong Kong Ltd Takes Position in Broadcom Inc. $AVGO

Y Intercept Hong Kong Ltd purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 26,084 shares of the semiconductor manufacturer’s stock, valued at approximately $8,605,000.

Several other hedge funds have also made changes to their positions in the company. Inlet Private Wealth LLC raised its holdings in shares of Broadcom by 2.1% in the 3rd quarter. Inlet Private Wealth LLC now owns 4,918 shares of the semiconductor manufacturer’s stock valued at $1,623,000 after purchasing an additional 101 shares in the last quarter. Mn Services Vermogensbeheer B.V. grew its stake in Broadcom by 1.2% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 1,693,100 shares of the semiconductor manufacturer’s stock valued at $558,571,000 after purchasing an additional 20,800 shares during the last quarter. Davidson Kahn Capital Management LLC boosted its holdings in shares of Broadcom by 10.2% in the 3rd quarter. Davidson Kahn Capital Management LLC now owns 1,217 shares of the semiconductor manufacturer’s stock valued at $401,000 after buying an additional 113 shares in the last quarter. Van Strum & Towne Inc. raised its stake in shares of Broadcom by 9.1% during the 3rd quarter. Van Strum & Towne Inc. now owns 8,287 shares of the semiconductor manufacturer’s stock worth $2,734,000 after acquiring an additional 690 shares in the last quarter. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Broadcom by 9.0% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 10,081 shares of the semiconductor manufacturer’s stock valued at $3,326,000 after purchasing an additional 831 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 70,000 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total value of $24,311,000.00. Following the completion of the transaction, the chief executive officer directly owned 132,836 shares of the company’s stock, valued at approximately $46,133,942.80. This trade represents a 34.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the completion of the sale, the insider directly owned 210,573 shares in the company, valued at $73,094,099.76. This trade represents a 12.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 779,901 shares of company stock valued at $284,069,237 in the last quarter. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on AVGO. Mizuho set a $480.00 target price on Broadcom and gave the company an “outperform” rating in a research report on Friday, January 9th. Wolfe Research upgraded shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price target on the stock in a report on Friday. Rosenblatt Securities raised their target price on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Truist Financial boosted their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a report on Friday, December 19th. Finally, Evercore ISI raised their price target on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $437.28.

Broadcom Stock Down 0.8%

Shares of NASDAQ AVGO opened at $330.73 on Friday. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $355.94 and its two-hundred day moving average is $336.85. The firm has a market cap of $1.57 trillion, a price-to-earnings ratio of 69.48, a PEG ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, December 22nd. Broadcom’s payout ratio is currently 54.62%.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.