Boltwood Capital Management Grows Stake in Broadcom Inc. (NASDAQ:AVGO)

Boltwood Capital Management lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 1,114.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,700 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,560 shares during the period. Boltwood Capital Management’s holdings in Broadcom were worth $293,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. AXA S.A. lifted its position in Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock valued at $467,334,000 after purchasing an additional 7,608 shares in the last quarter. Ensign Peak Advisors Inc lifted its position in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after purchasing an additional 84,196 shares in the last quarter. Shellback Capital LP purchased a new position in Broadcom during the second quarter valued at $60,368,000. NewEdge Advisors LLC lifted its position in Broadcom by 13.7% during the second quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor manufacturer’s stock valued at $152,542,000 after purchasing an additional 11,422 shares in the last quarter. Finally, DigitalBridge Group Inc. purchased a new position in Broadcom during the second quarter valued at $17,658,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVGO. Mizuho raised their price target on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Evercore ISI raised their price target on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Bank of America reissued a “buy” rating and set a $215.00 price target (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Benchmark reissued a “buy” rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, The Goldman Sachs Group raised their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two equities research 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 1.9 %

Shares of NASDAQ:AVGO opened at $170.66 on Thursday. 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 capitalization of $794.40 billion, a PE ratio of 7.34, a price-to-earnings-growth ratio of 2.78 and a beta of 1.17. The business has a 50 day simple moving average of $158.69 and a two-hundred day simple moving average of $149.13. Broadcom Inc. has a 1 year low of $80.89 and a 1 year high of $185.16.

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, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were paid a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.24%. Broadcom’s payout ratio is 9.12%.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Hock E. Tan sold 7,502 shares of the business’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 value 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders sold 233,452 shares of company stock valued at $51,278,838 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom 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.