Studio Investment Management LLC Has $4.07 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Studio Investment Management LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 854.2% in the third quarter, Holdings Channel reports. The institutional investor owned 23,617 shares of the semiconductor manufacturer’s stock after acquiring an additional 21,142 shares during the period. Studio Investment Management LLC’s holdings in Broadcom were worth $4,074,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AVGO. Gamco Investors INC. ET AL grew its holdings in shares of Broadcom by 80.5% during the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock valued at $1,189,000 after buying an additional 400 shares during the last quarter. Earnest Partners LLC grew its holdings in shares of Broadcom by 11.8% during the first quarter. Earnest Partners LLC now owns 208 shares of the semiconductor manufacturer’s stock valued at $276,000 after buying an additional 22 shares during the last quarter. Waverly Advisors LLC grew its holdings in shares of Broadcom by 194.0% during the first quarter. Waverly Advisors LLC now owns 3,587 shares of the semiconductor manufacturer’s stock valued at $4,754,000 after buying an additional 2,367 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Broadcom during the first quarter valued at about $2,749,000. Finally, Kennedy Capital Management LLC acquired a new position in shares of Broadcom during the first quarter valued at about $5,723,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ AVGO opened at $164.23 on Monday. The company’s 50 day moving average is $173.70 and its 200-day moving average is $160.62. Broadcom Inc. has a 12-month low of $90.31 and a 12-month high of $186.42. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a market cap of $767.05 billion, a P/E ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. 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. Broadcom’s dividend payout ratio is 184.35%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Cantor Fitzgerald boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Truist Financial boosted their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, Mizuho boosted their price target on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 20,280 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This represents a 4.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares in the company, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 311,080 shares of company stock valued at $53,540,590. Company insiders own 2.00% of the company’s stock.

About Broadcom

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.