PVG Asset Management Corp Acquires 1,564 Shares of Broadcom Inc. $AVGO

PVG Asset Management Corp lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 119.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,874 shares of the semiconductor manufacturer’s stock after buying an additional 1,564 shares during the quarter. Broadcom comprises 2.7% of PVG Asset Management Corp’s portfolio, making the stock its 10th biggest holding. PVG Asset Management Corp’s holdings in Broadcom were worth $792,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in AVGO. Sawyer & Company Inc increased its holdings in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new position in Broadcom during the 2nd quarter worth $27,000. Legend Financial Advisors Inc. bought a new position in Broadcom in the 2nd quarter valued at $28,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Broadcom in the 2nd quarter valued at $28,000. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Broadcom in the 2nd quarter valued at $31,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $359.93 on Monday. The company has a market capitalization of $1.70 trillion, a price-to-earnings ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. The firm’s 50 day simple moving average is $363.17 and its 200 day simple moving average is $318.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same period last year, the business posted $1.42 earnings per share. The business’s revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be given a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is 49.58%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AVGO shares. Morgan Stanley upped their price target on Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research note on Friday. Benchmark boosted their price objective on Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a report on Friday. Barclays restated an “overweight” rating and set a $500.00 target price (up from $450.00) on shares of Broadcom in a research report on Friday. TD Cowen lifted their price target on shares of Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Cowen restated a “buy” rating on shares of Broadcom in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $435.85.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 3,893 shares of the business’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the sale, the insider directly owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. The trade was a 13.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total value of $124,620,194.27. Following the transaction, the director owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. This trade represents a 0.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 836,633 shares of company stock worth $303,612,352 over the last three months. Company insiders own 2.00% of the company’s stock.

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.