Weiss Asset Management LP Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Weiss Asset Management LP bought a new stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,622 shares of the semiconductor manufacturer’s stock, valued at approximately $4,716,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Broadcom by 0.5% during the third quarter. Vanguard Group Inc. now owns 37,632,782 shares of the semiconductor manufacturer’s stock worth $16,709,332,000 after buying an additional 190,304 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock worth $2,948,563,000 after buying an additional 488,405 shares during the period. Nuveen Asset Management LLC boosted its stake in Broadcom by 4.4% during the third quarter. Nuveen Asset Management LLC now owns 4,452,543 shares of the semiconductor manufacturer’s stock worth $1,976,973,000 after buying an additional 188,078 shares during the period. Bank of New York Mellon Corp boosted its stake in Broadcom by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 4,022,517 shares of the semiconductor manufacturer’s stock worth $1,786,039,000 after buying an additional 74,395 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 53.4% during the third quarter. Price T Rowe Associates Inc. MD now owns 3,420,481 shares of the semiconductor manufacturer’s stock worth $1,528,063,000 after buying an additional 1,191,113 shares during the period. 81.28% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. KeyCorp lifted their target price on Broadcom from $700.00 to $720.00 and gave the stock an “overweight” rating in a research report on Friday, March 3rd. Susquehanna reiterated a “positive” rating and set a $690.00 target price on shares of Broadcom in a research report on Thursday, March 9th. Oppenheimer reiterated an “outperform” rating and set a $720.00 target price on shares of Broadcom in a research report on Monday, December 5th. Cowen lifted their target price on Broadcom from $540.00 to $555.00 in a research report on Friday, December 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $590.00 to $675.00 and gave the stock a “buy” rating in a research report on Friday, March 3rd. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $674.17.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,175 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the sale, the director now owns 9,734 shares in the company, valued at $6,083,847.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $630.97 on Friday. The company has a market capitalization of $263.06 billion, a PE ratio of 21.24, a P/E/G ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.64, a quick ratio of 2.26 and a current ratio of 2.52. The company has a 50-day simple moving average of $597.58 and a two-hundred day simple moving average of $535.85. Broadcom Inc. has a one year low of $415.07 and a one year high of $645.31.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 EPS for the quarter, topping analysts’ consensus estimates of $9.38 by $0.95. The business had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same period in the previous year, the company posted $7.68 earnings per share. Research analysts expect that Broadcom Inc. will post 38.06 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 22nd will be paid a dividend of $4.60 per share. The ex-dividend date is Tuesday, March 21st. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.92%. Broadcom’s payout ratio is 61.93%.

Broadcom Company Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.