Broadcom Inc. (NASDAQ:AVGO) is Steamboat Capital Partners LLC’s 5th Largest Position

Steamboat Capital Partners LLC lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 33.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,000 shares of the semiconductor manufacturer’s stock after selling 10,104 shares during the quarter. Broadcom comprises approximately 4.3% of Steamboat Capital Partners LLC’s portfolio, making the stock its 5th biggest position. Steamboat Capital Partners LLC’s holdings in Broadcom were worth $12,831,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Belpointe Asset Management LLC raised its position in shares of Broadcom by 9.3% in the 1st quarter. Belpointe Asset Management LLC now owns 10,564 shares of the semiconductor manufacturer’s stock worth $6,778,000 after purchasing an additional 899 shares during the last quarter. Concentric Wealth Management LLC raised its position in shares of Broadcom by 3.1% in the 1st quarter. Concentric Wealth Management LLC now owns 4,045 shares of the semiconductor manufacturer’s stock worth $2,595,000 after purchasing an additional 120 shares during the last quarter. Ossiam raised its position in shares of Broadcom by 77.0% in the 1st quarter. Ossiam now owns 15,678 shares of the semiconductor manufacturer’s stock worth $10,058,000 after purchasing an additional 6,818 shares during the last quarter. Infrastructure Capital Advisors LLC raised its position in shares of Broadcom by 4.3% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 655 shares of the semiconductor manufacturer’s stock worth $420,000 after purchasing an additional 27 shares during the last quarter. Finally, Chicago Partners Investment Group LLC raised its position in shares of Broadcom by 28.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,059 shares of the semiconductor manufacturer’s stock worth $672,000 after purchasing an additional 234 shares during the last quarter. Hedge funds and other institutional investors own 78.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on AVGO shares. Truist Financial lifted their price target on Broadcom from $942.00 to $995.00 and gave the stock a “buy” rating in a research report on Friday. Susquehanna boosted their target price on Broadcom from $910.00 to $1,010.00 and gave the stock a “positive” rating in a research report on Thursday, August 24th. Piper Sandler boosted their target price on Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 29th. Oppenheimer boosted their target price on Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a research report on Friday, September 1st. Finally, Robert W. Baird boosted their target price on Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $846.14.

Broadcom Price Performance

NASDAQ AVGO traded down $6.01 during trading hours on Tuesday, reaching $853.13. The company’s stock had a trading volume of 545,162 shares, compared to its average volume of 2,497,607. The company has a market capitalization of $352.12 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 1.66 and a beta of 1.10. Broadcom Inc. has a 1 year low of $415.07 and a 1 year high of $923.67. The firm’s 50-day moving average price is $875.30 and its 200-day moving average price is $756.01. The company has a quick ratio of 2.13, a current ratio of 2.50 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.43 by $0.11. The business had revenue of $8.85 billion for the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $9.07 EPS. On average, equities research analysts predict that Broadcom Inc. will post 37.88 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be issued a dividend of $4.60 per share. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 annualized dividend and a dividend yield of 2.16%. Broadcom’s dividend payout ratio (DPR) is 56.58%.

Insider Transactions at Broadcom

In related news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.20% 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.