Malaga Cove Capital LLC Buys 8,634 Shares of Broadcom Inc. (NASDAQ:AVGO)

Malaga Cove Capital LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,296.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,300 shares of the semiconductor manufacturer’s stock after buying an additional 8,634 shares during the quarter. Malaga Cove Capital LLC’s holdings in Broadcom were worth $1,604,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. WNY Asset Management LLC raised its position in Broadcom by 5.4% in the 1st quarter. WNY Asset Management LLC now owns 315 shares of the semiconductor manufacturer’s stock valued at $417,000 after purchasing an additional 16 shares during the last quarter. Choate Investment Advisors raised its position in Broadcom by 1.6% in the 1st quarter. Choate Investment Advisors now owns 2,360 shares of the semiconductor manufacturer’s stock valued at $3,128,000 after purchasing an additional 37 shares during the last quarter. NorthRock Partners LLC raised its position in Broadcom by 24.5% in the 1st quarter. NorthRock Partners LLC now owns 3,150 shares of the semiconductor manufacturer’s stock valued at $4,175,000 after purchasing an additional 620 shares during the last quarter. Meeder Asset Management Inc. raised its position in Broadcom by 36.3% in the 1st quarter. Meeder Asset Management Inc. now owns 23,003 shares of the semiconductor manufacturer’s stock valued at $30,488,000 after purchasing an additional 6,132 shares during the last quarter. Finally, Meeder Advisory Services Inc. raised its position in Broadcom by 5.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 6,376 shares of the semiconductor manufacturer’s stock valued at $8,451,000 after purchasing an additional 305 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 0.1 %

NASDAQ:AVGO opened at $183.64 on Friday. Broadcom Inc. has a 1 year low of $90.31 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 $857.71 billion, a price-to-earnings ratio of 159.55, a PEG ratio of 2.11 and a beta of 1.17. The stock has a 50-day moving average price of $170.75 and a two-hundred day moving average price of $157.78.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 earnings per share. As a group, equities analysts expect 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. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. The ex-dividend date was Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.15%. Broadcom’s dividend payout ratio (DPR) is presently 184.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AVGO shares. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Cantor Fitzgerald lifted their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Oppenheimer lowered their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, Mizuho lifted 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. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the transaction, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is owned by insiders.

Broadcom 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.