Chicago Partners Investment Group LLC Increases Stock Holdings in Broadcom Inc. $AVGO

Chicago Partners Investment Group LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 19.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,702 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,818 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Broadcom were worth $7,820,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Broadcom in the second quarter worth approximately $18,579,549,000. Vanguard Group Inc. increased its position in Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. Edgewood Management LLC purchased a new position in Broadcom during the second quarter worth approximately $1,571,438,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after purchasing an additional 3,224,739 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Broadcom by 8.4% during the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. 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. Barclays restated an “overweight” rating and issued a $500.00 price objective (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Piper Sandler reiterated an “overweight” rating and set a $430.00 target price (up previously from $375.00) on shares of Broadcom in a report on Friday, December 12th. Rosenblatt Securities raised their price target on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday, December 12th. Two investment 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 company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $438.61.

Broadcom Stock Performance

Shares of AVGO opened at $324.85 on Tuesday. The firm has a market cap of $1.54 trillion, a price-to-earnings ratio of 68.25, a PEG ratio of 1.06 and a beta of 1.21. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $356.84 and its two-hundred day moving average is $336.51. 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 results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

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

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the sale, the director owned 37,326,540 shares in the company, valued at $14,950,399,066.20. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 130,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the transaction, the chief executive officer directly owned 595,638 shares in the company, valued at approximately $194,189,900.76. This represents a 17.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is currently owned by company insiders.

Broadcom Company 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.