Deepwater Asset Management LLC Has $11.81 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Deepwater Asset Management LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,544 shares of the semiconductor manufacturer’s stock after buying an additional 3,229 shares during the period. Broadcom accounts for about 5.0% of Deepwater Asset Management LLC’s holdings, making the stock its 14th biggest holding. Deepwater Asset Management LLC’s holdings in Broadcom were worth $11,811,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth approximately $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $311.23 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 116.57, a PEG ratio of 2.20 and a beta of 1.15. The stock has a 50 day moving average of $277.08 and a 200 day moving average of $228.95. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $317.35.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gayla J. Delly sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares of the company’s stock, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 829,716 shares of company stock valued at $217,040,489. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several recent analyst reports. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Mizuho raised their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Finally, Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $295.96.

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.