Broadcom Inc. $AVGO is Munro Partners’ 10th Largest Position

Munro Partners raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 70.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 349,546 shares of the semiconductor manufacturer’s stock after acquiring an additional 144,330 shares during the period. Broadcom makes up about 3.1% of Munro Partners’ investment portfolio, making the stock its 10th largest position. Munro Partners’ holdings in Broadcom were worth $115,319,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. raised its holdings in shares of Broadcom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after purchasing an additional 39,466 shares in the last quarter. Capital Counsel LLC NY bought a new position in shares of Broadcom during the second quarter valued at approximately $221,000. Waterloo Capital L.P. increased its holdings in Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares during the period. Geneos Wealth Management Inc. raised its stake in Broadcom by 27.9% in the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after buying an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC lifted its holdings in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AVGO shares. Oppenheimer lifted their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Evercore ISI lifted their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Weiss Ratings reissued a “buy (b-)” rating on shares of Broadcom in a research report on Monday, December 15th. The Goldman Sachs Group set a $435.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Tuesday, November 25th. Finally, KeyCorp reiterated an “overweight” rating and set a $500.00 price objective (up previously from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $436.33.

Broadcom Stock Performance

AVGO opened at $352.13 on Friday. The company has a market cap of $1.67 trillion, a P/E ratio of 73.98, a price-to-earnings-growth ratio of 1.20 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $362.74 and its 200-day moving average price is $323.95. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. Broadcom’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.42 EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 54.62%.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 3,714 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total value of $1,217,412.06. Following the completion of the transaction, the chief financial officer directly owned 307,237 shares in the company, valued at $100,709,216.23. This trade represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 130,000 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the sale, the chief executive officer owned 595,638 shares in the company, valued at approximately $194,189,900.76. This represents a 17.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 524,780 shares of company stock worth $195,499,150 over the last three months. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.