Alta Capital Management LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Alta Capital Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 95.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,778 shares of the semiconductor manufacturer’s stock after purchasing an additional 33,637 shares during the quarter. Alta Capital Management LLC’s holdings in Broadcom were worth $15,946,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pin Oak Investment Advisors Inc. grew its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the last quarter. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. JDM Financial Group LLC boosted its stake in shares of Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $37,000. Finally, R Squared Ltd purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $39,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Broadcom stock opened at $187.37 on Tuesday. The firm has a market capitalization of $878.27 billion, a P/E ratio of 152.83, a PEG ratio of 2.29 and a beta of 1.02. The stock has a fifty day moving average price of $226.54 and a 200 day moving average price of $192.50. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. 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 (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.26%. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 191.87%.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research note on Wednesday, December 11th. Piper Sandler lifted their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Barclays lifted their price target on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Bank of America lifted their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Evercore ISI lifted their price target on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Broadcom Company Profile

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.