CacheTech Inc. Acquires New Stake in Broadcom Inc. $AVGO

CacheTech Inc. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,566 shares of the semiconductor manufacturer’s stock, valued at approximately $707,000.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares during the period. United Bank grew its stake in Broadcom by 76.5% during the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after purchasing an additional 1,014 shares in the last quarter. Brooklyn Investment Group grew its stake in Broadcom by 26.3% during the 1st quarter. Brooklyn Investment Group now owns 36,598 shares of the semiconductor manufacturer’s stock worth $6,128,000 after purchasing an additional 7,627 shares in the last quarter. Finally, Granite Harbor Advisors Inc. increased its holdings in Broadcom by 53.7% during the 1st quarter. Granite Harbor Advisors Inc. now owns 4,657 shares of the semiconductor manufacturer’s stock worth $780,000 after purchasing an additional 1,628 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 368,797 shares of Broadcom stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total value of $124,620,194.27. Following the transaction, the director directly owned 37,722,534 shares in the company, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of the stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total transaction of $2,606,754.68. Following the sale, the chief financial officer owned 313,330 shares of the company’s stock, valued at $108,932,307.80. This trade represents a 2.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 818,662 shares of company stock worth $297,135,938 in the last three months. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AVGO shares. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler reiterated an “overweight” rating and issued a $430.00 price target (up previously from $375.00) on shares of Broadcom in a research note on Friday. Morgan Stanley increased their price objective on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research report on Friday. Citigroup restated a “buy” rating and issued a $480.00 price objective (up from $415.00) on shares of Broadcom in a report on Friday. Finally, Rosenblatt Securities boosted their target price on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $435.96.

Broadcom Stock Down 5.6%

Shares of NASDAQ AVGO opened at $339.81 on Tuesday. The business has a 50-day moving average price of $363.26 and a 200 day moving average price of $319.19. The stock has a market cap of $1.60 trillion, a PE ratio of 71.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

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, beating analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.42 earnings per share. Equities research 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. Investors of record on Monday, December 22nd will be paid a dividend of $0.65 per share. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

Broadcom Company 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.