Griffin Asset Management Inc. Acquires 5,440 Shares of Broadcom Inc. $AVGO

Griffin Asset Management Inc. grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 29.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,837 shares of the semiconductor manufacturer’s stock after purchasing an additional 5,440 shares during the period. Griffin Asset Management Inc.’s holdings in Broadcom were worth $8,250,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in AVGO. Providence First Trust Co increased its stake in shares of Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after buying an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Broadcom by 3.4% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock worth $109,492,000 after buying an additional 10,786 shares during the last quarter. Brown Brothers Harriman & Co. lifted its stake in shares of Broadcom by 10.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares during the period. Dana Investment Advisors Inc. lifted its stake in Broadcom by 2.6% in the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after buying an additional 4,442 shares during the period. Finally, Guinness Atkinson Asset Management Inc raised its position in shares of Broadcom by 248.2% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer’s stock valued at $8,603,000 after acquiring an additional 18,703 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $414.14 on Tuesday. Broadcom Inc. has a fifty-two week low of $226.18 and a fifty-two week high of $442.36. The business has a fifty day moving average price of $374.86 and a two-hundred day moving average price of $356.49. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The stock has a market capitalization of $1.96 trillion, a PE ratio of 80.89, a P/E/G ratio of 0.86 and a beta of 1.43.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the firm earned $1.60 EPS. As a group, equities analysts predict that Broadcom Inc. will post 9.91 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is 50.78%.

Analysts Set New Price Targets

Several research analysts have weighed in on AVGO shares. Benchmark reiterated a “buy” rating and set a $485.00 target price on shares of Broadcom in a report on Thursday, March 5th. Weiss Ratings cut shares of Broadcom from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, April 24th. Wolfe Research raised Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price target on the stock in a research report on Friday, January 30th. Mizuho restated an “outperform” rating and set a $480.00 price objective on shares of Broadcom in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada decreased their target price on Broadcom from $370.00 to $340.00 and set a “sector perform” rating on the stock in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $448.10.

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 1,000 shares of Broadcom stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $358.31, for a total transaction of $358,310.00. Following the sale, the director directly owned 32,352 shares of the company’s stock, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 2,018 shares of Broadcom stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total transaction of $712,354.00. Following the transaction, the director owned 18,164 shares in the company, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 324,282 shares of company stock worth $106,425,249 in the last ninety days. Insiders own 1.90% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.