Crestone Asset Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Crestone Asset Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 20.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 304 shares of the semiconductor manufacturer’s stock after purchasing an additional 51 shares during the quarter. Crestone Asset Management LLC’s holdings in Broadcom were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC grew its position in shares of Broadcom by 26.8% during the third quarter. Brighton Jones LLC now owns 2,004 shares of the semiconductor manufacturer’s stock worth $1,665,000 after buying an additional 423 shares in the last quarter. Cambridge Trust Co. increased its position in Broadcom by 0.7% during the 3rd quarter. Cambridge Trust Co. now owns 42,199 shares of the semiconductor manufacturer’s stock worth $35,050,000 after purchasing an additional 282 shares in the last quarter. Middleton & Co. Inc. MA grew its stake in Broadcom by 1.9% in the 3rd quarter. Middleton & Co. Inc. MA now owns 15,899 shares of the semiconductor manufacturer’s stock worth $13,205,000 after acquiring an additional 300 shares during the period. Macroview Investment Management LLC purchased a new position in Broadcom during the third quarter worth about $29,000. Finally, AMF Tjanstepension AB increased its stake in shares of Broadcom by 51.1% during the 3rd quarter. AMF Tjanstepension AB now owns 136,129 shares of the semiconductor manufacturer’s stock valued at $113,066,000 after acquiring an additional 46,015 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 1.7 %

Shares of AVGO stock traded up $22.26 during trading hours on Wednesday, hitting $1,325.37. The company had a trading volume of 1,390,681 shares, compared to its average volume of 2,855,330. Broadcom Inc. has a fifty-two week low of $615.86 and a fifty-two week high of $1,438.17. The company’s fifty day moving average is $1,308.82 and its 200 day moving average is $1,157.75. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The stock has a market capitalization of $614.20 billion, a PE ratio of 49.54, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the business posted $9.83 earnings per share. Research analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.58%. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction dated 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 sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred 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 sale, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kenneth Hao sold 9,160 shares of Broadcom 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 directly owns 45 shares of the company’s stock, valued at $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 in the last three months. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AVGO shares. Oppenheimer restated an “outperform” rating and issued a $1,500.00 target price (up from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. JPMorgan Chase & Co. restated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price target on shares of Broadcom in a research report on Friday, January 19th. Finally, Benchmark reaffirmed a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

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.