Seven Eight Capital LP Takes $2.18 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Seven Eight Capital LP acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the second quarter, Holdings Channel.com reports. The firm acquired 1,356 shares of the semiconductor manufacturer’s stock, valued at approximately $2,177,000.

A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. TBH Global Asset Management LLC raised its stake in Broadcom by 29.2% during the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after acquiring an additional 145 shares in the last quarter. Gilbert & Cook Inc. raised its stake in Broadcom by 4.9% during the 4th quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after acquiring an additional 39 shares in the last quarter. Aveo Capital Partners LLC raised its stake in Broadcom by 15.9% during the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after acquiring an additional 63 shares in the last quarter. 9258 Wealth Management LLC raised its stake in Broadcom by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after acquiring an additional 58 shares in the last quarter. Finally, Gryphon Financial Partners LLC raised its stake in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $161.67 on Thursday. The firm has a 50 day simple moving average of $156.94 and a 200-day simple moving average of $146.43. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm has a market cap of $752.55 billion, a PE ratio of 6.95, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.95 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 3.77 EPS for the current 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 given a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.31%. Broadcom’s dividend payout ratio is 9.12%.

Analysts Set New Price Targets

Several equities research analysts recently commented on AVGO shares. Piper Sandler lifted their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Melius began coverage on shares of Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research note on Thursday, June 13th. Oppenheimer dropped their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 16th. Finally, Evercore ISI lifted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

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.