NCP Inc. Purchases 400 Shares of Broadcom Inc. (NASDAQ:AVGO)

NCP Inc. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 615.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465 shares of the semiconductor manufacturer’s stock after buying an additional 400 shares during the quarter. Broadcom makes up about 0.5% of NCP Inc.’s investment portfolio, making the stock its 25th biggest position. NCP Inc.’s holdings in Broadcom were worth $747,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Legend Financial Advisors Inc. raised its position in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN lifted its position in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $36,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $167.47 on Wednesday. The firm has a 50-day moving average price of $158.30 and a two-hundred day moving average price of $148.82. Broadcom Inc. has a 12-month low of $80.89 and a 12-month high of $185.16. The company has a market capitalization of $779.55 billion, a P/E ratio of 7.20, a P/E/G ratio of 2.78 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.27%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVGO. Morgan Stanley lifted their price objective on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Truist Financial raised their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Finally, UBS Group lowered their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Over the last three months, insiders sold 233,452 shares of company stock worth $51,278,838. 2.00% of the stock is owned by corporate insiders.

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.