Acadian Asset Management LLC increases stake in Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 12, 2024

0 4 minutes read

Acadian Asset Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 168.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 33,044 shares of the semiconductor maker’s stock after purchasing an additional 20,753 shares during the quarter. Acadian Asset Management LLC’s holdings in Broadcom were worth $53,046,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVGO. TBH Global Asset Management LLC boosted its stake in Broadcom by 29.2% in the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor maker’s stock worth $715,000 after purchasing an additional 145 shares in the last quarter. Gilbert & Cook Inc. increased its position in shares of Broadcom by 4.9% during the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor maker’s stock worth $934,000 after buying an additional 39 shares in the last quarter. Aveo Capital Partners LLC raised its position in Broadcom by 15.9% during the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor maker’s stock valued at $512,000 after buying an additional 63 shares in the last quarter . 9258 Wealth Management LLC raised its position in shares of Broadcom by 1.5% in the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor maker’s stock worth $4,336,000 after buying an additional 58 shares. of shares in the last quarter. Finally, Gryphon Financial Partners LLC raised its position in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor maker’s stock worth $1,731,000 after bought another 801 shares in the last quarter. Institutional investors own 76.43% of the company’s shares.

Broadcom stock rose 5.2%

Broadcom stock opened at $148.21 on Wednesday. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The stock has a market cap of $689.90 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04, and a quick ratio of 0.94. The company has a 50-day simple moving average of $188.66 and a 200-day simple moving average of $156.32.

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Broadcom (NASDAQ:AVGO – Get Your Free Report ) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor maker reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $12.98 billion. In the same period last year, the company posted earnings of $0.95 per share. The company’s revenue for the quarter was up 47.3% year over year. On average, analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom raises dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a $0.53 dividend. This represents an annualized dividend of $2.12 and a yield of 1.43%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19. Broadcom’s payout ratio is currently 9.12%.

Insiders place their bets

In other news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this hyperlink. In other news, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of shares are owned by company insiders.

The Wall Street analyst weighs in

A number of research analysts have issued reports on AVGO shares. Rosenblatt Securities cut their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a report on Friday, September 6th. Morgan Stanley lifted their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Bank of America reissued a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Finally, Truist Financial boosted their target price on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Moderate Buy” and a consensus price target of $189.23, based on data from MarketBeat.com.

Read our latest report on AVGO

Broadcom profile

(Free Report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.