Tactive Advisors LLC Buys New Stake in Broadcom Inc. $AVGO

by · The Cerbat Gem

Tactive Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGOFree Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 2,350 shares of the semiconductor manufacturer’s stock, valued at approximately $648,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVGO. Assetmark Inc. grew its position in 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 buying an additional 39,466 shares in the last quarter. Capital Counsel LLC NY bought a new position in shares of Broadcom in the second quarter valued at approximately $221,000. Waterloo Capital L.P. increased its stake in shares of 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 acquiring an additional 3,180 shares during the period. Geneos Wealth Management Inc. raised its holdings in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after purchasing an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC lifted its position in Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after purchasing an additional 8,566 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the sale, the chief executive officer directly owned 725,638 shares in the company, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the transaction, the insider owned 25,295 shares in the company, valued at $8,798,106.90. This represents a 13.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 837,433 shares of company stock worth $303,900,352. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 11.4%

AVGO stock opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The firm has a market capitalization of $1.70 trillion, a P/E ratio of 75.62, a P/E/G ratio of 1.22 and a beta of 1.19. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The company’s 50 day simple moving average is $363.17 and its 200-day simple moving average is $317.95.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter last year, the business posted $1.42 EPS. The company’s revenue was up 28.2% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a dividend of $0.65 per share. 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. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s payout ratio is presently 49.58%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Broadcom in a research report on Monday, December 8th. Rosenblatt Securities lifted their target price on Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. UBS Group reissued a “buy” rating and issued a $472.00 price target (up from $415.00) on shares of Broadcom in a report on Monday, December 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $430.00 price objective (up previously from $375.00) on shares of Broadcom in a research note on Friday. Finally, Citigroup reissued a “buy” rating and set a $480.00 target price (up from $415.00) on shares of Broadcom in a research note on Friday. 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $435.85.

View Our Latest Analysis on AVGO

Broadcom Company Profile

(Free Report)

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.

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