Bamco Inc. NY Acquires 17,864 Shares of Broadcom Inc. $AVGO

Bamco Inc. NY grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 529,935 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,864 shares during the period. Bamco Inc. NY’s holdings in Broadcom were worth $146,077,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Sawyer & Company Inc lifted its position in shares of Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 36 shares during the period. Longfellow Investment Management Co. LLC acquired a new position in Broadcom in the second quarter valued at about $27,000. Legend Financial Advisors Inc. bought a new stake in Broadcom during the second quarter worth about $28,000. LGT Financial Advisors LLC bought a new stake in Broadcom during the second quarter worth about $31,000. Finally, New England Capital Financial Advisors LLC acquired a new stake in Broadcom during the second quarter worth about $31,000. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Macquarie started coverage on shares of Broadcom in a research report on Monday, September 15th. They issued an “outperform” rating and a $420.00 target price for the company. Oppenheimer boosted their price objective on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a report on Monday. JPMorgan Chase & Co. lifted their price target on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Argus upped their price objective on Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $435.85.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 7,498 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the transaction, the chief financial officer directly owned 313,330 shares in the company, valued at approximately $108,932,307.80. This represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 16,558 shares of Broadcom stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total transaction of $5,755,726.38. Following the transaction, the insider owned 329,302 shares in the company, valued at approximately $114,468,668.22. This trade represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 837,433 shares of company stock worth $303,900,352 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 11.4%

Shares of AVGO opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The stock has a market capitalization of $1.70 trillion, a price-to-earnings ratio of 75.62, a PEG ratio of 1.38 and a beta of 1.19. The stock has a fifty day moving average of $363.17 and a 200-day moving average of $317.38.

Broadcom (NASDAQ:AVGO) last issued 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 return on equity of 38.82% and a net margin of 36.20%.The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the company posted $1.42 EPS. Broadcom’s quarterly revenue was up 28.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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