Broadcom Inc. $AVGO is Kennedy Investment Group’s Largest Position

Kennedy Investment Group boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 58,215 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,631 shares during the quarter. Broadcom comprises 7.6% of Kennedy Investment Group’s portfolio, making the stock its biggest position. Kennedy Investment Group’s holdings in Broadcom were worth $20,148,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVGO. Providence First Trust Co raised its position 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 worth $2,944,000 after acquiring an additional 8,179 shares during the period. Whittier Trust Co. of Nevada Inc. raised its position in shares of Broadcom by 3.4% in 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 acquiring an additional 10,786 shares during the period. Brown Brothers Harriman & Co. raised its position in shares of Broadcom by 10.7% in the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock worth $25,539,000 after acquiring an additional 7,499 shares during the period. Dana Investment Advisors Inc. raised its position in shares of Broadcom by 2.6% in the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock worth $57,325,000 after acquiring 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 third quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer’s stock worth $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.

Insider Activity at Broadcom

In other Broadcom news, insider S. Ram Velaga sold 8,000 shares of Broadcom stock in a transaction on Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the sale, the insider owned 57,932 shares of the company’s stock, valued at $21,464,964.64. The trade was a 12.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of Broadcom stock in a transaction on 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 in the company, valued at approximately $11,592,045.12. This trade represents a 3.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 over the last 90 days. Corporate insiders own 1.90% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $414.14 on Tuesday. The firm has a market cap of $1.96 trillion, a PE ratio of 80.89, a PEG ratio of 0.86 and a beta of 1.43. The firm has a fifty day moving average of $374.86 and a 200 day moving average of $356.49. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. Broadcom Inc. has a one year low of $226.18 and a one year high of $442.36.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company had revenue of $19.31 billion for the quarter, compared to analysts’ expectations of $19.10 billion. During the same quarter in the previous year, the company posted $1.60 EPS. The firm’s quarterly revenue was up 29.5% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc. will post 9.91 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. Citigroup reiterated a “buy” rating and issued a $500.00 price objective (up from $475.00) on shares of Broadcom in a research report on Tuesday, May 12th. Royal Bank Of Canada dropped their price target on shares of Broadcom from $370.00 to $340.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. Mizuho reissued an “outperform” rating and issued a $480.00 price target on shares of Broadcom in a report on Thursday, April 16th. Erste Group Bank lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Wolfe Research raised shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price target for the company in a report on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $448.10.

About Broadcom

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.