Sierra Ocean LLC Has $350,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Sierra Ocean LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 16.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,089 shares of the semiconductor manufacturer’s stock after purchasing an additional 299 shares during the quarter. Sierra Ocean LLC’s holdings in Broadcom were worth $350,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank acquired a new position in Broadcom during the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC lifted its position in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its stake in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 1.8%

NASDAQ AVGO opened at $274.87 on Friday. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a 50 day moving average of $238.77 and a 200-day moving average of $217.17. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom’s payout ratio is presently 88.39%.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,716 shares of company stock worth $221,433,761. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on AVGO. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Evercore ISI reissued an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $281.46.

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.