Broadcom Inc. (NASDAQ:AVGO) is Quartz Partners LLC’s 2nd Largest Position

Quartz Partners LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.2% in the fourth quarter, HoldingsChannel reports. The firm owned 32,958 shares of the semiconductor manufacturer’s stock after acquiring an additional 711 shares during the quarter. Broadcom makes up about 4.7% of Quartz Partners LLC’s investment portfolio, making the stock its 2nd biggest position. Quartz Partners LLC’s holdings in Broadcom were worth $7,641,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. State Street Corp raised its stake in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after buying an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC raised its stake in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after buying an additional 89,975,941 shares in the last quarter. FMR LLC raised its stake in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after buying an additional 82,998,328 shares in the last quarter. Jennison Associates LLC raised its stake in Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after buying an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after buying an additional 30,674,902 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO opened at $202.54 on Wednesday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The stock’s 50 day moving average is $228.49 and its two-hundred day moving average is $191.31. The firm has a market capitalization of $949.38 billion, a PE ratio of 165.21, a P/E/G ratio of 2.29 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.17%. Broadcom’s payout ratio is 191.87%.

Insider Transactions at Broadcom

In related news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total value of $9,279,200.00. Following the transaction, the insider now owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AVGO has been the topic of a number of analyst reports. Mizuho raised their price target on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and set a $240.00 target price on shares of Broadcom in a research report on Wednesday, December 11th. Piper Sandler lifted their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Truist Financial lifted their target price on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $225.04.

Broadcom 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.