Broadcom Inc. (NASDAQ:AVGO) Stock Position Increased by Tortoise Investment Management LLC

Tortoise Investment Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 492.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 154 shares of the semiconductor manufacturer’s stock after acquiring an additional 128 shares during the period. Tortoise Investment Management LLC’s holdings in Broadcom were worth $172,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Horizon Family Wealth Inc. increased its stake in Broadcom by 1.3% during the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock worth $715,000 after purchasing an additional 8 shares in the last quarter. BetterWealth LLC grew its stake in shares of Broadcom by 1.5% during the 4th quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after acquiring an additional 9 shares in the last quarter. Sargent Investment Group LLC grew its stake in shares of Broadcom by 1.6% during the 4th quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock worth $622,000 after acquiring an additional 9 shares in the last quarter. Centric Wealth Management grew its stake in shares of Broadcom by 1.6% during the 4th quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock worth $646,000 after acquiring an additional 9 shares in the last quarter. Finally, Rise Advisors LLC grew its stake in shares of Broadcom by 33.3% during the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after acquiring an additional 10 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 1.2 %

Shares of NASDAQ:AVGO traded down $16.84 during midday trading on Friday, hitting $1,395.29. 1,817,367 shares of the stock were exchanged, compared to its average volume of 2,287,940. The stock has a market capitalization of $646.61 billion, a price-to-earnings ratio of 51.72, a P/E/G ratio of 2.87 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The business’s 50-day moving average price is $1,311.32 and its 200 day moving average price is $1,182.12. Broadcom Inc. has a 12 month low of $656.00 and a 12 month high of $1,445.40.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period in the previous year, the firm earned $9.83 earnings per share. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 36.06 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Cantor Fitzgerald raised their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Jefferies Financial Group started coverage on shares of Broadcom in a research note on Monday, May 13th. They issued a “buy” rating and a $1,550.00 target price for the company. UBS Group raised their target price on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Finally, Susquehanna raised their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $1,296.91.

Read Our Latest Research Report on AVGO

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 over the last ninety days. 2.00% of the stock is owned by company insiders.

About Broadcom

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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