Bay Rivers Group Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Bay Rivers Group raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 5.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,460 shares of the semiconductor manufacturer’s stock after acquiring an additional 332 shares during the period. Broadcom makes up 4.5% of Bay Rivers Group’s holdings, making the stock its 3rd largest position. Bay Rivers Group’s holdings in Broadcom were worth $7,211,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BKM Wealth Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at approximately $29,000. Bollard Group LLC bought a new stake in shares of Broadcom during the second quarter worth approximately $26,000. Rise Advisors LLC lifted its holdings in Broadcom by 76.5% during the 3rd quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares during the last quarter. Macroview Investment Management LLC acquired a new position in Broadcom in the 3rd quarter valued at $29,000. Finally, Indiana Trust & Investment Management CO bought a new stake in shares of Broadcom in the third quarter valued at about $32,000. Institutional investors and hedge funds own 78.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on AVGO shares. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. KeyCorp lifted their target price on Broadcom from $1,000.00 to $1,200.00 and gave the stock an “overweight” rating in a report on Friday, November 24th. Benchmark restated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,230.18.

Get Our Latest Report on Broadcom

Broadcom Stock Performance

AVGO traded up $72.00 on Thursday, hitting $1,348.00. The company’s stock had a trading volume of 7,234,356 shares, compared to its average volume of 3,143,199. The company’s 50 day simple moving average is $1,248.46 and its 200-day simple moving average is $1,046.68. The firm has a market cap of $624.69 billion, a P/E ratio of 49.96, a price-to-earnings-growth ratio of 2.61 and a beta of 1.26. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17.

Broadcom (NASDAQ:AVGOGet Free Report) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period in the previous year, the business earned $9.83 earnings per share. Analysts forecast that Broadcom Inc. will post 36.8 EPS for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Thursday, March 21st will be issued a $5.25 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.56%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now owns 26,880 shares in the company, valued at $28,039,603.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Broadcom Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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