Quest Investment Management LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Quest Investment Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 38.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,050 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,327 shares during the quarter. Broadcom comprises approximately 2.1% of Quest Investment Management LLC’s portfolio, making the stock its 12th biggest position. Quest Investment Management LLC’s holdings in Broadcom were worth $19,347,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Legend Financial Advisors Inc. raised its stake 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 purchased a new stake in shares of Broadcom during the first quarter worth approximately $29,000. Delta Asset Management LLC TN raised its stake 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 purchased a new position in Broadcom in the first quarter worth $36,000. Finally, Ulland Investment Advisors LLC purchased a new position in Broadcom in the first quarter worth $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVGO. Evercore ISI increased their price objective on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Morgan Stanley increased their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Melius began coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective for the company. William Blair began coverage on Broadcom in a research report on Wednesday. They issued an “outperform” rating for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Up 2.2 %

AVGO opened at $171.10 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The business’s fifty day simple moving average is $156.81 and its 200 day simple moving average is $146.91.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the company earned $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

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.