MV Capital Management Inc. Invests $1.34 Million in Broadcom Inc. $AVGO

MV Capital Management Inc. acquired a new position in Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, HoldingsChannel.com reports. The institutional investor acquired 3,864 shares of the semiconductor manufacturer’s stock, valued at approximately $1,337,000.

Other hedge funds have also recently bought and sold shares of the company. ROSS JOHNSON & Associates LLC increased its stake in shares of Broadcom by 1,320.0% in the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 66 shares during the period. SWAN Capital LLC boosted its position in shares of Broadcom by 261.9% during the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 55 shares during the period. Miller Global Investments LLC acquired a new position in shares of Broadcom during the fourth quarter worth approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in Broadcom in the 4th quarter worth approximately $33,000. Finally, Family CFO Inc acquired a new stake in Broadcom in the 4th quarter valued at approximately $35,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. KeyCorp reaffirmed an “overweight” rating and set a $575.00 target price (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. Morgan Stanley set a $502.00 price target on Broadcom and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Evercore reissued an “outperform” rating and set a $582.00 price target on shares of Broadcom in a report on Tuesday, May 19th. Bank of America lifted their price objective on shares of Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $525.00 price objective on shares of Broadcom in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $490.13.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider S. Ram Velaga sold 17,260 shares of the company’s stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $352.12, for a total value of $6,077,591.20. Following the completion of the sale, the insider directly owned 65,932 shares of the company’s stock, valued at approximately $23,215,975.84. This represents a 20.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 4,825 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $394.91, for a total transaction of $1,905,440.75. Following the transaction, the insider owned 269,989 shares of the company’s stock, valued at approximately $106,621,355.99. This trade represents a 1.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 59,385 shares of company stock valued at $21,301,057. Corporate insiders own 1.90% of the company’s stock.

Broadcom Stock Performance

AVGO opened at $411.35 on Friday. The company has a market capitalization of $1.96 trillion, a price-to-earnings ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01. Broadcom Inc. has a 1-year low of $244.17 and a 1-year high of $495.00. The business has a 50 day moving average price of $411.42 and a two-hundred day moving average price of $363.50.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion during the quarter, compared to analyst estimates of $22.13 billion. During the same period last year, the company posted $1.58 EPS. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 22nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, June 22nd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is currently 43.33%.

Key Headlines Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

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.