Blue Chip Partners LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Blue Chip Partners LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 1.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 25,207 shares of the semiconductor manufacturer’s stock after buying an additional 284 shares during the period. Broadcom comprises 2.9% of Blue Chip Partners LLC’s portfolio, making the stock its 7th largest holding. Blue Chip Partners LLC’s holdings in Broadcom were worth $28,137,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AVGO. International Assets Investment Management LLC raised its holdings in shares of Broadcom by 113,495.7% during the fourth quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after purchasing an additional 3,324,288 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Broadcom by 43.9% during the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after purchasing an additional 1,228,755 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Broadcom during the third quarter valued at approximately $560,563,000. FMR LLC increased its holdings in Broadcom by 16.7% during the third quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after buying an additional 573,826 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Broadcom by 19.1% during the third quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock valued at $2,663,339,000 after buying an additional 514,120 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO stock traded up $49.65 during trading on Friday, hitting $1,344.07. 2,409,983 shares of the company’s stock traded hands, compared to its average volume of 2,322,994. The business has a fifty day simple moving average of $1,306.70 and a 200 day simple moving average of $1,137.84. The stock has a market capitalization of $622.87 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the business earned $9.83 EPS. As a group, research analysts expect that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.56%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Analyst Upgrades and Downgrades

A number of analysts have commented on AVGO shares. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a report on Thursday, March 21st. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Finally, Mizuho increased their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Insider Buying and Selling

In related news, Director Justine Page sold 110 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the transaction, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 110 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the transaction, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 in the last 90 days. Company insiders own 2.00% of the company’s stock.

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.