Sierra Ocean LLC Has $350,000 Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Sierra Ocean LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 16.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,089 shares of the semiconductor manufacturer’s stock after acquiring an additional 299 shares during the quarter. Sierra Ocean LLC’s holdings in Broadcom were worth $350,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of AVGO. Norges Bank acquired a new position in Broadcom in the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC increased its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Evercore ISI reissued an “outperform” rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Finally, UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $281.46.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of the business’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company’s stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 1.8%

AVGO opened at $274.87 on Friday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm’s fifty day moving average price is $238.77 and its two-hundred day moving average price is $217.17. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 earnings per share. The business’s revenue was up 20.2% compared to the same quarter last year. On average, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Company 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.