Y Intercept Hong Kong Ltd Makes New Investment in Broadcom Inc. $AVGO

Y Intercept Hong Kong Ltd bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 26,084 shares of the semiconductor manufacturer’s stock, valued at approximately $8,605,000.

Several other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Broadcom during the second quarter valued at about $18,579,549,000. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. Edgewood Management LLC bought a new stake in Broadcom in the 2nd quarter valued at about $1,571,438,000. Massachusetts Financial Services Co. MA grew its position in Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after purchasing an additional 3,224,739 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Hock E. Tan sold 70,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harry L. You bought 1,000 shares of Broadcom stock in a transaction on Thursday, December 18th. The shares were acquired at an average cost of $325.13 per share, with a total value of $325,130.00. Following the completion of the acquisition, the director owned 36,602 shares of the company’s stock, valued at $11,900,408.26. The trade was a 2.81% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 779,901 shares of company stock worth $284,069,237. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AVGO. Susquehanna reaffirmed a “positive” rating and issued a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Piper Sandler restated an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Rosenblatt Securities raised their price target on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Finally, Oppenheimer raised their price target on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $437.28.

Broadcom Price Performance

AVGO opened at $330.73 on Friday. The company’s 50-day simple moving average is $355.94 and its two-hundred day simple moving average is $336.85. 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 capitalization of $1.57 trillion, a P/E ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share 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 company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the prior year, the firm earned $1.42 earnings per share. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

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

About Broadcom

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.