Mengis Capital Management Inc. Acquires 2,150 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mengis Capital Management Inc. grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 99.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,304 shares of the semiconductor manufacturer’s stock after buying an additional 2,150 shares during the period. Mengis Capital Management Inc.’s holdings in Broadcom were worth $998,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. raised its holdings in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 135 shares during the period. Retirement Wealth Solutions LLC bought a new stake in shares of Broadcom during the fourth quarter worth approximately $37,000. R Squared Ltd acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $39,000. JDM Financial Group LLC increased its stake in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the period. Finally, Asset Planning Inc bought a new position in shares of Broadcom during the fourth quarter worth approximately $46,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Bank of America boosted their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. TD Cowen lifted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Mizuho increased their target price on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Stock Performance

Shares of Broadcom stock opened at $202.54 on Wednesday. The company’s 50 day moving average price is $228.49 and its two-hundred day moving average price is $191.31. The firm has a market capitalization of $949.38 billion, a P/E ratio of 165.21, a P/E/G ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter last year, the business posted $0.98 EPS. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.17%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

About Broadcom

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.