Maiden Cove Capital LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Maiden Cove Capital LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 336 shares of the semiconductor manufacturer’s stock, valued at approximately $58,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in Broadcom by 11.8% in the first quarter. Brighton Jones LLC now owns 2,347 shares of the semiconductor manufacturer’s stock worth $3,111,000 after acquiring an additional 247 shares during the period. Forum Financial Management LP raised its holdings in Broadcom by 0.8% in the 1st quarter. Forum Financial Management LP now owns 3,046 shares of the semiconductor manufacturer’s stock worth $4,037,000 after purchasing an additional 24 shares in the last quarter. GM Advisory Group LLC lifted its position in shares of Broadcom by 7.2% in the 1st quarter. GM Advisory Group LLC now owns 4,068 shares of the semiconductor manufacturer’s stock worth $5,392,000 after purchasing an additional 273 shares during the period. Wintrust Investments LLC boosted its stake in shares of Broadcom by 2.4% during the 1st quarter. Wintrust Investments LLC now owns 6,467 shares of the semiconductor manufacturer’s stock valued at $8,571,000 after purchasing an additional 154 shares in the last quarter. Finally, Banco Santander S.A. increased its position in shares of Broadcom by 10.8% during the first quarter. Banco Santander S.A. now owns 23,278 shares of the semiconductor manufacturer’s stock valued at $30,853,000 after buying an additional 2,278 shares during the period. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. UBS Group raised their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Mizuho raised their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. The Goldman Sachs Group raised their price objective on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Cantor Fitzgerald upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $192.79.

Broadcom Price Performance

NASDAQ AVGO opened at $173.58 on Thursday. The stock has a 50-day moving average of $171.55 and a 200 day moving average of $158.53. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market capitalization of $810.72 billion, a price-to-earnings ratio of 150.81, a PEG ratio of 2.07 and a beta of 1.17. Broadcom Inc. has a one year low of $90.31 and a one year high of $186.42.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. On average, sell-side analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a $0.53 dividend. The ex-dividend date was Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.22%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares in the company, valued at $69,596,812.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Mark David Brazeal sold 18,900 shares of Broadcom stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by company insiders.

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.