SCS Capital Management LLC Increases Stake in Broadcom Inc. $AVGO

SCS Capital Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 192.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 129,203 shares of the semiconductor manufacturer’s stock after acquiring an additional 84,953 shares during the quarter. SCS Capital Management LLC’s holdings in Broadcom were worth $35,615,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVGO. M Holdings Securities Inc. increased its holdings in Broadcom by 30.9% in the second quarter. M Holdings Securities Inc. now owns 21,130 shares of the semiconductor manufacturer’s stock valued at $5,814,000 after buying an additional 4,992 shares in the last quarter. Allium Financial Advisors LLC boosted its stake in shares of Broadcom by 55.6% in the second quarter. Allium Financial Advisors LLC now owns 5,811 shares of the semiconductor manufacturer’s stock worth $1,602,000 after acquiring an additional 2,077 shares during the last quarter. Dodge & Cox grew its holdings in shares of Broadcom by 2.5% during the second quarter. Dodge & Cox now owns 21,180 shares of the semiconductor manufacturer’s stock worth $5,838,000 after buying an additional 510 shares in the last quarter. Veltria Advisors Corp. grew its stake in Broadcom by 11.9% during the 2nd quarter. Veltria Advisors Corp. now owns 6,180 shares of the semiconductor manufacturer’s stock valued at $1,704,000 after acquiring an additional 659 shares in the last quarter. Finally, Philadelphia Trust Co. increased its holdings in shares of Broadcom by 3.9% in the second quarter. Philadelphia Trust Co. now owns 129,751 shares of the semiconductor manufacturer’s stock valued at $35,766,000 after purchasing an additional 4,854 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 0.1%

AVGO stock opened at $381.03 on Friday. The company’s 50 day moving average price is $355.68 and its 200 day moving average price is $310.46. The firm has a market capitalization of $1.80 trillion, a price-to-earnings ratio of 97.20, a PEG ratio of 1.30 and a beta of 1.19. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $403.00. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The company had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. During the same quarter in the previous year, the firm earned $1.24 earnings per share. The firm’s quarterly revenue was up 22.0% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on AVGO. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, November 23rd. The Goldman Sachs Group set a $435.00 target price on Broadcom and gave the company a “buy” rating in a research report on Tuesday, November 25th. Barclays set a $450.00 price target on shares of Broadcom and gave the stock an “overweight” rating in a research note on Tuesday, October 14th. Argus raised their price objective on shares of Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Finally, Mizuho set a $435.00 target price on shares of Broadcom and gave the stock an “outperform” rating in a research note on Tuesday, October 21st. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $391.04.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of Broadcom stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the completion of the sale, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at $246,412,152.04. The trade was a 12.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 3,893 shares of the company’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider directly owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders bought 3,550 shares of company stock worth $1,227,869 and sold 665,271 shares worth $225,483,192. Company insiders own 2.00% of the company’s stock.

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.