Centre Asset Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Centre Asset Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 2.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,669 shares of the semiconductor manufacturer’s stock after purchasing an additional 108 shares during the quarter. Centre Asset Management LLC’s holdings in Broadcom were worth $4,050,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. MRP Capital Investments LLC raised its position in Broadcom by 60.0% during the first quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock valued at $36,000 after acquiring an additional 21 shares in the last quarter. Grey Fox Wealth Advisors LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $39,000. Sageworth Trust Co purchased a new position in Broadcom during the first quarter valued at approximately $39,000. VitalStone Financial LLC raised its position in Broadcom by 71.4% during the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock valued at $40,000 after acquiring an additional 25 shares in the last quarter. Finally, Osterweis Capital Management Inc. raised its position in Broadcom by 400.0% during the fourth quarter. Osterweis Capital Management Inc. now owns 75 shares of the semiconductor manufacturer’s stock valued at $42,000 after acquiring an additional 60 shares in the last quarter. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of Broadcom stock opened at $871.64 on Friday. Broadcom Inc. has a 52 week low of $415.07 and a 52 week high of $923.67. The business’s fifty day simple moving average is $874.48 and its 200-day simple moving average is $758.55. The firm has a market cap of $359.76 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 1.79 and a beta of 1.10. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the prior year, the company posted $9.07 EPS. The company’s quarterly revenue was up 4.5% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be paid a $4.60 dividend. This represents a $18.40 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.

Insider Activity

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now directly owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the sale, the director now owns 9,123 shares in the company, valued at approximately $7,806,368.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction 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 in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on AVGO shares. Wolfe Research started coverage on Broadcom in a report on Wednesday, July 19th. They issued a “market perform” rating on the stock. Wells Fargo & Company raised their price objective on Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Friday, September 1st. Piper Sandler raised their price objective on Broadcom from $830.00 to $925.00 and gave the company an “overweight” rating in a report on Tuesday, August 29th. KeyCorp reissued an “overweight” rating and issued a $1,000.00 price objective on shares of Broadcom in a report on Thursday. Finally, TD Cowen lifted their price target on Broadcom from $800.00 to $900.00 and gave the stock a “market perform” rating in a research note on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $846.14.

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.