CacheTech Inc. Acquires New Position in Broadcom Inc. $AVGO

CacheTech Inc. bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 2nd quarter, Holdings Channel.com reports. The fund bought 2,566 shares of the semiconductor manufacturer’s stock, valued at approximately $707,000.

Several other hedge funds have also modified their holdings of the business. Adams Wealth Management purchased a new stake in shares of Broadcom in the second quarter valued at approximately $480,000. Momentum Wealth Planning LLC acquired a new stake in Broadcom in the second quarter valued at $4,821,000. Dakota Community Bank & Trust NA boosted its position in shares of Broadcom by 4.7% during the 2nd quarter. Dakota Community Bank & Trust NA now owns 1,765 shares of the semiconductor manufacturer’s stock worth $487,000 after purchasing an additional 80 shares in the last quarter. Caldwell Trust Co acquired a new position in shares of Broadcom during the 2nd quarter worth $7,812,000. Finally, Watts Gwilliam & Co. LLC increased its holdings in shares of Broadcom by 1.2% in the 2nd quarter. Watts Gwilliam & Co. LLC now owns 9,735 shares of the semiconductor manufacturer’s stock valued at $2,683,000 after purchasing an additional 117 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 7,498 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the sale, the chief financial officer directly owned 313,330 shares in the company, valued at approximately $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 100,000 shares of the stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total transaction of $33,958,000.00. Following the transaction, the chief executive officer directly owned 725,638 shares in the company, valued at approximately $246,412,152.04. This represents a 12.11% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 818,662 shares of company stock valued at $297,135,938. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on AVGO. UBS Group set a $475.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research note on Friday. Bank of America raised their price objective on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Friday. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday. Finally, Benchmark upped their target price on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $435.96.

Broadcom Trading Down 5.6%

Shares of AVGO opened at $339.81 on Tuesday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The company has a market capitalization of $1.60 trillion, a PE ratio of 71.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The stock has a fifty day moving average of $363.26 and a two-hundred day moving average of $319.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same quarter in the previous year, the business earned $1.42 earnings per share. The business’s revenue for the quarter was up 28.2% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 54.62%.

Broadcom Company 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.