Buffington Mohr McNeal Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Buffington Mohr McNeal lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,816 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,253 shares during the period. Broadcom comprises 1.4% of Buffington Mohr McNeal’s portfolio, making the stock its 26th largest holding. Buffington Mohr McNeal’s holdings in Broadcom were worth $8,304,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in Broadcom by 948.5% in the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after buying an additional 166,844,263 shares during the period. Geode Capital Management LLC boosted its stake in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after acquiring an additional 89,975,941 shares during the period. FMR LLC boosted its stake in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after acquiring an additional 82,998,328 shares during the period. Jennison Associates LLC raised its stake in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after purchasing an additional 30,674,902 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Price Performance

AVGO opened at $215.66 on Friday. The company has a market capitalization of $1.01 trillion, a price-to-earnings ratio of 175.91, a PEG ratio of 2.52 and a beta of 1.03. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $117.43 and a 12-month high of $251.88. The business’s fifty day simple moving average is $211.24 and its 200-day simple moving average is $181.27.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue was up 51.2% compared to the same quarter last year. During the same period last year, the company posted $0.98 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.09%. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVGO shares. Cantor Fitzgerald increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, October 8th. Morgan Stanley cut their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a research note on Tuesday. Piper Sandler boosted their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Bank of America raised their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, TD Cowen boosted their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $225.04.

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.