Broadcom Inc. $AVGO Position Increased by Hobart Private Capital LLC

Hobart Private Capital LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 52.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,503 shares of the semiconductor manufacturer’s stock after buying an additional 1,544 shares during the quarter. Hobart Private Capital LLC’s holdings in Broadcom were worth $1,486,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Broadcom during the 2nd quarter valued at about $18,579,549,000. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after buying an additional 17,985,046 shares in the last quarter. Vanguard Group Inc. increased its position in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after acquiring an additional 6,222,802 shares during the period. Edgewood Management LLC bought a new stake in Broadcom during the 2nd quarter valued at $1,571,438,000. Finally, Alliancebernstein L.P. raised its stake in Broadcom by 16.0% during the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after acquiring an additional 4,077,910 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AVGO shares. Wells Fargo & Company lifted their price objective on shares of Broadcom from $255.00 to $345.00 and gave the company an “equal weight” rating in a research note on Friday, September 5th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research note on Friday. Barclays reiterated an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a research note on Friday. KeyCorp restated an “overweight” rating and issued a $500.00 target price (up from $460.00) on shares of Broadcom in a research report on Friday. Finally, Susquehanna reiterated a “positive” rating and set a $450.00 price target (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $435.96.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $331.14, for a total value of $264,912.00. Following the completion of the transaction, the director directly owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the transaction, the director directly owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 818,662 shares of company stock valued at $297,135,938. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $339.81 on Tuesday. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The business’s fifty day moving average is $363.26 and its two-hundred day moving average is $319.19. The stock has a market capitalization of $1.60 trillion, a P/E ratio of 71.39, a P/E/G ratio of 1.22 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for 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%.The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.42 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, December 22nd. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 54.62%.

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.