Shorepoint Capital Partners LLC Acquires Shares of 91,971 Broadcom Inc. $AVGO

Shorepoint Capital Partners LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 91,971 shares of the semiconductor manufacturer’s stock, valued at approximately $30,342,000. Broadcom comprises 6.0% of Shorepoint Capital Partners LLC’s investment portfolio, making the stock its 2nd largest position.

A number of other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Broadcom in the second quarter valued at approximately $18,579,549,000. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 37.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock worth $10,968,270,000 after purchasing an additional 17,985,046 shares during the period. Vanguard Group Inc. boosted its stake in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. Edgewood Management LLC purchased a new position in Broadcom during the 2nd quarter worth $1,571,438,000. Finally, Alliancebernstein L.P. increased its stake in Broadcom by 16.0% in the first quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after purchasing an additional 4,077,910 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 0.4%

Broadcom stock opened at $341.30 on Wednesday. The stock’s 50 day moving average price is $363.35 and its 200 day moving average price is $319.91. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a market cap of $1.61 trillion, a PE ratio of 71.70, a price-to-earnings-growth ratio of 1.23 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.42 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is presently 49.58%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Bank of America raised their price target on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Rosenblatt Securities boosted their target price on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. JPMorgan Chase & Co. increased their price target on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, Benchmark lifted their price objective on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $435.96.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the transaction, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $331.14, for a total transaction of $264,912.00. Following the sale, the director owned 21,382 shares of the company’s stock, valued at approximately $7,080,435.48. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 790,713 shares of company stock worth $287,419,394. 2.00% of the stock is owned by company insiders.

Broadcom Company Profile

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.