Robocap Asset Management Ltd Acquires New Stake in Broadcom Inc. $AVGO

Robocap Asset Management Ltd acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,800 shares of the semiconductor manufacturer’s stock, valued at approximately $924,000. Broadcom comprises about 0.6% of Robocap Asset Management Ltd’s portfolio, making the stock its 24th largest holding.

Several other hedge funds and other institutional investors have also bought and sold shares of AVGO. Assetmark Inc. boosted its holdings in Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after acquiring an additional 39,466 shares in the last quarter. Capital Counsel LLC NY purchased a new stake in Broadcom in the second quarter worth about $221,000. Waterloo Capital L.P. increased its position in Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares in the last quarter. Providence First Trust Co increased its holdings in shares of Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after acquiring an additional 8,179 shares in the last quarter. Finally, RiverFront Investment Group LLC increased its stake in Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after purchasing an additional 8,566 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AVGO. Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $410.00 to $430.00 in a research note on Thursday, January 15th. Robert W. Baird set a $420.00 price target on Broadcom in a research report on Friday, December 12th. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Royal Bank Of Canada initiated coverage on Broadcom in a research note on Wednesday, January 14th. They set a “sector perform” rating and a $370.00 target price on the stock. Finally, Rosenblatt Securities boosted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $437.28.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 38,281 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the sale, the insider owned 266,494 shares in the company, valued at $87,316,759.10. This trade represents a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the transaction, the chief financial officer directly owned 277,237 shares in the company, valued at $96,428,573.34. The trade was a 9.76% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO stock opened at $331.30 on Friday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a market cap of $1.57 trillion, a P/E ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The stock’s 50-day moving average is $355.76 and its 200 day moving average is $337.24.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same period last year, the firm posted $1.42 EPS. Broadcom’s revenue was up 28.2% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 54.62%.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.