MIG Capital LLC Has $618,000 Stock Holdings in Broadcom Inc. $AVGO

MIG Capital LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 140.2% during the 1st quarter, Holdings Channel reports. The firm owned 3,690 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,154 shares during the quarter. MIG Capital LLC’s holdings in Broadcom were worth $618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Texas Capital Bank Wealth Management Services Inc increased its stake in shares of Broadcom by 51.3% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 6,843 shares of the semiconductor manufacturer’s stock worth $1,146,000 after purchasing an additional 2,320 shares during the last quarter. Colonial Trust Advisors grew its stake in Broadcom by 161.4% in the 1st quarter. Colonial Trust Advisors now owns 8,376 shares of the semiconductor manufacturer’s stock valued at $1,402,000 after buying an additional 5,172 shares during the last quarter. Senator Investment Group LP acquired a new position in Broadcom in the 1st quarter valued at about $29,759,000. GSG Advisors LLC grew its stake in Broadcom by 19.4% in the 1st quarter. GSG Advisors LLC now owns 4,839 shares of the semiconductor manufacturer’s stock valued at $896,000 after buying an additional 786 shares during the last quarter. Finally, M Holdings Securities Inc. grew its stake in Broadcom by 13.6% in the 1st quarter. M Holdings Securities Inc. now owns 16,138 shares of the semiconductor manufacturer’s stock valued at $2,702,000 after buying an additional 1,934 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of Broadcom stock opened at $305.76 on Tuesday. The company has a market cap of $1.44 trillion, a PE ratio of 114.52, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. 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 50 day moving average of $279.50 and a 200-day moving average of $230.48. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.96 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio is presently 88.39%.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company’s stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,286,457 over the last 90 days. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AVGO shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $340.00 price target on shares of Broadcom in a research note on Wednesday, August 13th. Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $295.96.

Broadcom 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.