Maiden Cove Capital LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Maiden Cove Capital LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,370 shares of the semiconductor manufacturer’s stock after acquiring an additional 60 shares during the period. Broadcom accounts for about 1.2% of Maiden Cove Capital LLC’s portfolio, making the stock its 27th largest holding. Maiden Cove Capital LLC’s holdings in Broadcom were worth $781,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Campbell Capital Management Inc. purchased a new position in Broadcom during the fourth quarter worth about $116,000. Poinciana Advisors Group LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $383,000. Valtinson Bruner Financial Planning LLC purchased a new position in shares of Broadcom during the 4th quarter worth approximately $228,000. Picton Mahoney Asset Management increased its holdings in Broadcom by 18.0% in the 4th quarter. Picton Mahoney Asset Management now owns 181,187 shares of the semiconductor manufacturer’s stock valued at $42,005,000 after purchasing an additional 27,638 shares during the last quarter. Finally, Kestra Advisory Services LLC increased its holdings in Broadcom by 27.0% in the 4th quarter. Kestra Advisory Services LLC now owns 346,591 shares of the semiconductor manufacturer’s stock valued at $80,354,000 after purchasing an additional 73,604 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 2.2 %

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

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be paid 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 (DPR) is presently 113.46%.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Mizuho lowered their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. TD Cowen lifted their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

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.