Mark Asset Management LP Buys Shares of 836 Broadcom Inc (NASDAQ:AVGO)

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Mark Asset Management LP bought a new stake in Broadcom Inc (NASDAQ:AVGO) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 836 shares of the semiconductor manufacturer’s stock, valued at approximately $264,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. BBVA USA Bancshares Inc. grew its holdings in Broadcom by 1.8% in the 2nd quarter. BBVA USA Bancshares Inc. now owns 1,810 shares of the semiconductor manufacturer’s stock valued at $571,000 after buying an additional 32 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in Broadcom by 0.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 11,107 shares of the semiconductor manufacturer’s stock valued at $3,505,000 after buying an additional 33 shares during the last quarter. Sandy Spring Bank grew its holdings in Broadcom by 9.1% in the 2nd quarter. Sandy Spring Bank now owns 395 shares of the semiconductor manufacturer’s stock valued at $125,000 after buying an additional 33 shares during the last quarter. Arjuna Capital grew its holdings in Broadcom by 1.5% in the 2nd quarter. Arjuna Capital now owns 2,179 shares of the semiconductor manufacturer’s stock valued at $688,000 after buying an additional 33 shares during the last quarter. Finally, Sage Capital Advisors llc grew its holdings in Broadcom by 0.6% in the 2nd quarter. Sage Capital Advisors llc now owns 6,355 shares of the semiconductor manufacturer’s stock valued at $2,006,000 after buying an additional 35 shares during the last quarter. 81.82% of the stock is currently owned by hedge funds and other institutional investors.

AVGO traded up $10.86 during trading on Friday, hitting $362.95. The company’s stock had a trading volume of 5,827,955 shares, compared to its average volume of 1,679,095. The firm’s 50 day moving average price is $326.36 and its two-hundred day moving average price is $288.33. The company has a quick ratio of 2.01, a current ratio of 2.15 and a debt-to-equity ratio of 1.88. Broadcom Inc has a 12 month low of $155.67 and a 12 month high of $378.96. The stock has a market capitalization of $145.97 billion, a price-to-earnings ratio of 68.10, a price-to-earnings-growth ratio of 1.73 and a beta of 0.93.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 3rd. The semiconductor manufacturer reported $5.40 earnings per share for the quarter, topping analysts’ consensus estimates of $5.24 by $0.16. The company had revenue of $5.82 billion during the quarter, compared to the consensus estimate of $5.76 billion. Broadcom had a return on equity of 32.15% and a net margin of 10.70%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.16 earnings per share. On average, sell-side analysts forecast that Broadcom Inc will post 17.47 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be given a dividend of $3.25 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a $13.00 dividend on an annualized basis and a dividend yield of 3.58%. Broadcom’s payout ratio is currently 74.67%.

In other news, CFO Thomas H. Krause sold 40,000 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $316.39, for a total transaction of $12,655,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 57,172 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $357.97, for a total value of $20,465,860.84. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 766,606 shares of company stock valued at $246,329,809. 3.30% of the stock is currently owned by corporate insiders.

Several analysts have recently weighed in on the company. UBS Group lifted their price objective on Broadcom from $335.00 to $425.00 and gave the stock a “buy” rating in a report on Friday. Bank of America reissued a “buy” rating and set a $450.00 price objective on shares of Broadcom in a report on Friday. JPMorgan Chase & Co. lifted their price objective on Broadcom from $365.00 to $420.00 and gave the stock an “overweight” rating in a report on Friday. Susquehanna Bancshares lifted their price objective on Broadcom from $400.00 to $410.00 in a report on Friday. Finally, Credit Suisse Group lifted their price objective on Broadcom from $400.00 to $420.00 and gave the stock an “outperform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $379.61.

About Broadcom

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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