Broadcom Inc (AVGO) Shares Bought by SeaBridge Investment Advisors LLC
SeaBridge Investment Advisors LLC raised its position in shares of Broadcom Inc (NASDAQ:AVGO) by 38.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,597 shares of the semiconductor manufacturer’s stock after buying an additional 2,120 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Broadcom were worth $1,874,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. BlackRock Inc. purchased a new position in shares of Broadcom during the second quarter worth $6,240,939,000. FMR LLC purchased a new position in shares of Broadcom during the second quarter worth $2,768,560,000. Jennison Associates LLC purchased a new position in shares of Broadcom during the second quarter worth $1,392,514,000. Northern Trust Corp purchased a new position in shares of Broadcom during the second quarter worth $1,142,053,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Broadcom during the second quarter worth $1,127,357,000. Institutional investors and hedge funds own 88.02% of the company’s stock.
In other Broadcom news, insider Kirsten M. Spears sold 1,194 shares of the firm’s stock in a transaction on Friday, September 28th. The stock was sold at an average price of $246.52, for a total value of $294,344.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $238.62, for a total value of $4,772,400.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,194 shares of company stock worth $13,785,345. 3.30% of the stock is owned by insiders.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The company had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. During the same period last year, the firm earned $4.10 earnings per share. Broadcom’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th were paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Tuesday, September 18th. Broadcom’s dividend payout ratio is presently 48.95%.
Several research firms have recently commented on AVGO. BidaskClub lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Raymond James lowered Broadcom from an “outperform” rating to a “market perform” rating in a research report on Friday, July 13th. Cowen lowered their price target on Broadcom from $300.00 to $245.00 and set an “outperform” rating for the company in a research report on Thursday, July 12th. Longbow Research lowered Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, July 12th. Finally, BMO Capital Markets restated a “hold” rating and set a $230.00 price target on shares of Broadcom in a research report on Friday, September 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-one have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $290.77.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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