AQR Capital Management LLC Purchases 455,851 Shares of Broadcom Inc. $AVGO

AQR Capital Management LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 13.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,877,709 shares of the semiconductor manufacturer’s stock after buying an additional 455,851 shares during the quarter. Broadcom accounts for 0.9% of AQR Capital Management LLC’s holdings, making the stock its 5th largest holding. AQR Capital Management LLC owned approximately 0.08% of Broadcom worth $1,063,501,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Strategic Wealth Investment Group LLC grew its position in Broadcom by 6.1% in the 2nd quarter. Strategic Wealth Investment Group LLC now owns 7,452 shares of the semiconductor manufacturer’s stock valued at $2,054,000 after acquiring an additional 426 shares in the last quarter. CLG LLC purchased a new position in shares of Broadcom in the second quarter valued at approximately $287,000. Challenger Wealth Management boosted its stake in shares of Broadcom by 136.0% in the second quarter. Challenger Wealth Management now owns 8,270 shares of the semiconductor manufacturer’s stock valued at $2,280,000 after purchasing an additional 4,766 shares during the period. Florida Financial Advisors LLC grew its holdings in shares of Broadcom by 57.0% in the second quarter. Florida Financial Advisors LLC now owns 19,029 shares of the semiconductor manufacturer’s stock valued at $5,291,000 after purchasing an additional 6,907 shares in the last quarter. Finally, Clough Capital Partners L P increased its stake in Broadcom by 82.9% during the 2nd quarter. Clough Capital Partners L P now owns 95,665 shares of the semiconductor manufacturer’s stock worth $26,370,000 after buying an additional 43,370 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AVGO shares. Wells Fargo & Company boosted their price target on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research note on Friday, September 5th. Evercore ISI lifted their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. KeyCorp restated an “overweight” rating and set a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday. Mizuho lifted their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Barclays reissued an “overweight” rating and set a $500.00 price objective (up from $450.00) on shares of Broadcom in a research report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $435.85.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 16,558 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the completion of the sale, the insider directly owned 329,302 shares of the company’s stock, valued at approximately $114,468,668.22. The trade was a 4.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 368,797 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $12,746,821,463.94. This represents a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 837,433 shares of company stock valued at $303,900,352. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $359.93 on Friday. The business has a 50 day moving average price of $363.17 and a 200 day moving average price of $317.38. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The stock has a market cap of $1.70 trillion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.38 and a beta of 1.19. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same quarter last year, the company earned $1.42 earnings per share. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a $0.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, December 22nd. Broadcom’s payout ratio is currently 49.58%.

About Broadcom

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.