Quarry LP Takes $342,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Quarry LP bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 213 shares of the semiconductor manufacturer’s stock, valued at approximately $342,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Covington Investment Advisors Inc. bought a new position in shares of Broadcom in the 2nd quarter worth about $23,510,000. Second Line Capital LLC lifted its stake in Broadcom by 4.5% in the second quarter. Second Line Capital LLC now owns 2,198 shares of the semiconductor manufacturer’s stock valued at $3,529,000 after buying an additional 94 shares during the period. Wellington Wealth Strategies LLC. bought a new position in shares of Broadcom during the 2nd quarter worth approximately $602,000. Sunbelt Securities Inc. grew its position in shares of Broadcom by 1.9% during the 2nd quarter. Sunbelt Securities Inc. now owns 7,058 shares of the semiconductor manufacturer’s stock worth $11,333,000 after buying an additional 129 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Broadcom by 9.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 46,857 shares of the semiconductor manufacturer’s stock valued at $75,308,000 after acquiring an additional 4,240 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 3.0 %

AVGO stock opened at $172.69 on Monday. Broadcom Inc. has a 1-year low of $80.89 and a 1-year high of $185.16. The stock has a market cap of $803.85 billion, a P/E ratio of 7.43, a P/E/G ratio of 2.78 and a beta of 1.16. The stock’s fifty day simple moving average is $158.00 and its two-hundred day simple moving average is $148.25. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. The company 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 firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. Analysts expect that Broadcom Inc. will post 3.78 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 issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 9.12%.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at approximately $126,754,425.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 233,452 shares of company stock worth $51,278,838. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Evercore ISI increased their target price on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Wells Fargo & Company increased their price objective on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Sanford C. Bernstein boosted their target price on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Finally, Barclays boosted their price objective on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom currently has a consensus 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.