Maverick Capital Ltd. Invests $62.04 Million in Broadcom Inc. (NASDAQ:AVGO)

Maverick Capital Ltd. bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the third quarter, Holdings Channel reports. The fund bought 359,668 shares of the semiconductor manufacturer’s stock, valued at approximately $62,043,000. Broadcom accounts for 1.2% of Maverick Capital Ltd.’s holdings, making the stock its 28th largest position.

A number of other large investors have also modified their holdings of the company. Lion Street Advisors LLC raised its position in shares of Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock worth $520,000 after acquiring an additional 6 shares during the period. Optimum Investment Advisors lifted its holdings in Broadcom by 0.6% during the 2nd quarter. Optimum Investment Advisors now owns 1,409 shares of the semiconductor manufacturer’s stock worth $2,262,000 after buying an additional 8 shares in the last quarter. Anderson Hoagland & Co. increased its position in shares of Broadcom by 0.3% in the 2nd quarter. Anderson Hoagland & Co. now owns 2,667 shares of the semiconductor manufacturer’s stock valued at $4,623,000 after purchasing an additional 9 shares during the last quarter. Wealth Group Ltd grew its position in shares of Broadcom by 6.0% in the 2nd quarter. Wealth Group Ltd now owns 176 shares of the semiconductor manufacturer’s stock valued at $283,000 after buying an additional 10 shares during the last quarter. Finally, Shira Ridge Wealth Management grew its position in Broadcom by 6.3% during the 2nd quarter. Shira Ridge Wealth Management now owns 170 shares of the semiconductor manufacturer’s stock worth $273,000 after purchasing an additional 10 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Mizuho raised their target price on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Truist Financial raised their target price on shares of Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Finally, William Blair started coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $162.08 on Friday. Broadcom Inc. has a twelve month low of $90.31 and a twelve month 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 company has a market capitalization of $757.01 billion, a price-to-earnings ratio of 140.82, a PEG ratio of 1.88 and a beta of 1.17. The firm has a 50-day moving average of $173.39 and a two-hundred day moving average of $161.69.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the prior year, the firm earned $0.95 earnings per share. The business’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. 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 yield of 1.31%. Broadcom’s dividend payout ratio is currently 184.19%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $172.94, for a total transaction of $25,941,000.00. Following the sale, the chief executive officer now owns 1,181,910 shares of the company’s stock, valued at $204,399,515.40. This trade represents a 11.26 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by corporate 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.