Picton Mahoney Asset Management Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Picton Mahoney Asset Management boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 18.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 181,187 shares of the semiconductor manufacturer’s stock after purchasing an additional 27,638 shares during the period. Broadcom comprises approximately 1.2% of Picton Mahoney Asset Management’s portfolio, making the stock its 11th biggest holding. Picton Mahoney Asset Management’s holdings in Broadcom were worth $42,005,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Central Pacific Bank Trust Division increased its holdings in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after purchasing an additional 3,707 shares during the period. Wolff Financial Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $244,000. Strait & Sound Wealth Management LLC boosted its holdings in shares of Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after purchasing an additional 7,095 shares during the period. Motive Wealth Advisors raised its stake in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after buying an additional 4,209 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock worth $66,696,000 after buying an additional 350,485 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. TD Cowen lifted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Bank of America lifted their price target on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $231.48.

Insider Activity

In related news, Director Check Kian Low sold 48,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO opened at $195.54 on Friday. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The firm has a market cap of $919.42 billion, a price-to-earnings ratio of 159.50, a PEG ratio of 2.29 and a beta of 1.01. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a 50 day moving average of $218.12 and a 200-day moving average of $193.68.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 EPS. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s dividend payout ratio is 113.46%.

About Broadcom

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.