Permanent Capital Management LP Buys Shares of 2,342 Broadcom Inc. (NASDAQ:AVGO)

Permanent Capital Management LP bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, Holdings Channel reports. The institutional investor bought 2,342 shares of the semiconductor manufacturer’s stock, valued at approximately $543,000. Broadcom comprises about 0.2% of Permanent Capital Management LP’s investment portfolio, making the stock its 27th biggest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Wealth Group Ltd. increased its position in shares of Broadcom by 900.0% in the 3rd quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock valued at $304,000 after buying an additional 1,584 shares in the last quarter. Swedbank AB increased its position in shares of Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares in the last quarter. Howard Capital Management Group LLC increased its position in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares in the last quarter. Pettinga Financial Advisors LLC increased its position in shares of Broadcom by 896.9% in the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock valued at $502,000 after buying an additional 2,619 shares in the last quarter. Finally, Leeward Financial Partners LLC increased its position in shares of Broadcom by 1,009.8% in the 3rd quarter. Leeward Financial Partners LLC now owns 17,035 shares of the semiconductor manufacturer’s stock valued at $2,939,000 after buying an additional 15,500 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 8.6 %

Shares of NASDAQ:AVGO opened at $194.96 on Friday. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The company has a market capitalization of $913.85 billion, a P/E ratio of 159.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a 50-day simple moving average of $222.28 and a 200 day simple moving average of $192.74. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Wall Street Analyst Weigh In

A number of analysts recently commented on AVGO shares. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday. Bank of America upped their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday. Robert W. Baird increased their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, Benchmark reiterated a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday. Three analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last three months. Insiders own 2.00% of the company’s stock.

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.