Magnolia Capital Management Ltd. Acquires 7,200 Shares of Broadcom Inc. (NASDAQ:AVGO)

Magnolia Capital Management Ltd. grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 900.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 8,000 shares of the semiconductor manufacturer’s stock after purchasing an additional 7,200 shares during the period. Broadcom comprises approximately 1.1% of Magnolia Capital Management Ltd.’s holdings, making the stock its 18th largest holding. Magnolia Capital Management Ltd.’s holdings in Broadcom were worth $1,380,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock valued at $59,181,244,000 after acquiring an additional 1,303,462 shares during the last quarter. Swedbank AB lifted its stake in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the last quarter. Raymond James & Associates grew its holdings in Broadcom by 855.4% during the third quarter. Raymond James & Associates now owns 12,674,158 shares of the semiconductor manufacturer’s stock worth $2,186,292,000 after purchasing an additional 11,347,563 shares during the period. Jennison Associates LLC grew its holdings in Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. Finally, Legal & General Group Plc raised its stake in Broadcom by 2.2% in the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock valued at $6,362,816,000 after buying an additional 83,846 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ:AVGO opened at $173.51 on Thursday. The stock’s 50-day moving average is $167.93 and its 200-day moving average is $154.14. Broadcom Inc. has a 1-year low of $81.83 and a 1-year high of $186.42. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $807.67 billion, a P/E ratio of 7.46, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

Analysts Set New Price Targets

Several brokerages have recently commented on AVGO. Morgan Stanley lifted their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. boosted their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Mizuho raised their price objective on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Rosenblatt Securities cut their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, UBS Group decreased their price target on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $191.54.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last quarter. Insiders own 2.00% of the company’s stock.

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.