Steigerwald Gordon & Koch Inc. Acquires 77 Shares of Broadcom Inc. (NASDAQ:AVGO)

Steigerwald Gordon & Koch Inc. lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 25.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 378 shares of the semiconductor manufacturer’s stock after purchasing an additional 77 shares during the period. Steigerwald Gordon & Koch Inc.’s holdings in Broadcom were worth $608,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Legend Financial Advisors Inc. grew its holdings in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in shares of Broadcom during the first quarter worth about $29,000. Delta Asset Management LLC TN grew its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new position in shares of Broadcom in the first quarter worth approximately $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in shares of Broadcom in the first quarter worth approximately $37,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $158.27 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The stock’s 50 day moving average is $188.37 and its 200-day moving average is $156.34. The firm has a market capitalization of $736.73 billion, a price-to-earnings ratio of 6.81, a PEG ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Broadcom’s revenue was up 47.3% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.34%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Melius Research started coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Oppenheimer cut their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. TD Cowen lifted their price objective on Broadcom from $175.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Finally, Melius initiated coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 2,540 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

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.