Sycomore Asset Management Has $16.11 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Sycomore Asset Management boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 7.3% during the 2nd quarter, Holdings Channel.com reports. The fund owned 10,122 shares of the semiconductor manufacturer’s stock after buying an additional 691 shares during the quarter. Broadcom comprises 2.8% of Sycomore Asset Management’s investment portfolio, making the stock its 8th largest holding. Sycomore Asset Management’s holdings in Broadcom were worth $16,114,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. grew 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 period. Richardson Capital Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN increased its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $36,000. Finally, Creekmur Asset Management LLC bought a new position in Broadcom during the 4th quarter worth approximately $43,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the business’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 sale, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the 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 owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. In the last three months, insiders sold 233,452 shares of company stock worth $51,278,838. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent analyst reports. Jefferies Financial Group upped their target price on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. William Blair assumed coverage on Broadcom in a research note on Wednesday, September 18th. They set an “outperform” rating on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. JPMorgan Chase & Co. increased their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Evercore ISI raised their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Price Performance

NASDAQ:AVGO opened at $172.50 on Tuesday. The stock has a market capitalization of $802.97 billion, a PE ratio of 7.42, a P/E/G ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 1-year low of $80.89 and a 1-year high of $185.16. The firm has a fifty day simple moving average of $158.23 and a 200 day simple moving average of $148.55. 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 released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, research analysts expect that Broadcom Inc. will post 3.78 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.23%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.