Mach 1 Financial Group LLC Raises Stock Holdings in Broadcom Inc. $AVGO

Mach 1 Financial Group LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 277.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 17,479 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,852 shares during the quarter. Broadcom comprises about 1.2% of Mach 1 Financial Group LLC’s portfolio, making the stock its 21st largest holding. Mach 1 Financial Group LLC’s holdings in Broadcom were worth $6,049,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of 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 worth $2,944,000 after acquiring an additional 8,179 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in 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 valued at $109,492,000 after purchasing an additional 10,786 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in Broadcom by 10.7% in the third 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 last quarter. Dana Investment Advisors Inc. boosted its holdings 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 purchasing an additional 4,442 shares during the last quarter. Finally, Guinness Atkinson Asset Management Inc grew its position in Broadcom by 248.2% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer’s stock worth $8,603,000 after purchasing an additional 18,703 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the transaction, the insider directly owned 787,184 shares in the company, valued at approximately $271,759,532.32. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 1,000 shares of the stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $358.31, for a total transaction of $358,310.00. Following the transaction, the director directly owned 32,352 shares in the company, valued at approximately $11,592,045.12. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 324,282 shares of company stock worth $106,425,249 in the last 90 days. 1.90% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $414.14 on Tuesday. The company has a market capitalization of $1.96 trillion, a P/E ratio of 80.89, a P/E/G ratio of 0.86 and a beta of 1.43. The business’s 50 day moving average is $374.86 and its two-hundred day moving average is $356.49. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. Broadcom Inc. has a 12-month low of $226.18 and a 12-month high of $442.36.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data 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 company had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.Broadcom’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same period last year, the company earned $1.60 earnings per share. Analysts expect that Broadcom Inc. will post 9.91 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were issued a $0.65 dividend. 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 presently 50.78%.

Analyst Ratings Changes

A number of research firms have weighed in on AVGO. Evercore reiterated an “outperform” rating and set a $582.00 price objective on shares of Broadcom in a research note on Tuesday, May 19th. Benchmark reaffirmed a “buy” rating and set a $485.00 target price on shares of Broadcom in a report on Thursday, March 5th. Zacks Research cut Broadcom from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 21st. Erste Group Bank downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, April 2nd. Finally, Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target 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.