Norden Group LLC Grows Stake in Broadcom Inc. $AVGO

Norden Group LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 43.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 49,045 shares of the semiconductor manufacturer’s stock after purchasing an additional 14,970 shares during the period. Broadcom accounts for about 1.6% of Norden Group LLC’s investment portfolio, making the stock its 7th biggest holding. Norden Group LLC’s holdings in Broadcom were worth $16,180,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in the stock. Assetmark Inc. increased its stake in shares of Broadcom by 2.4% during the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares during the last quarter. Capital Counsel LLC NY acquired a new stake in Broadcom in the 2nd quarter valued at about $221,000. Waterloo Capital L.P. grew its holdings in Broadcom by 7.0% during the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after purchasing an additional 3,180 shares during the period. Geneos Wealth Management Inc. increased its position in Broadcom by 27.9% during the first quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after buying an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC increased its position in Broadcom by 107.6% during the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Mizuho raised their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. TD Cowen upped their price objective on shares of Broadcom from $405.00 to $450.00 and gave the company a “buy” rating in a report on Friday, December 12th. Citigroup reissued a “buy” rating and issued a $480.00 price objective (up from $415.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Bank of America raised their target price on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Three investment 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 company. According to data from MarketBeat, Broadcom currently has a consensus rating of “Buy” and a consensus price target of $436.33.

Broadcom Trading Up 0.5%

Shares of Broadcom stock opened at $352.13 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm has a 50-day moving average of $362.74 and a 200-day moving average of $324.51. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The stock has a market cap of $1.67 trillion, a PE ratio of 73.98, a PEG ratio of 1.21 and a beta of 1.19.

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

Broadcom Increases Dividend

The business also recently announced 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 is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s payout ratio is currently 54.62%.

Insider Activity at Broadcom

In related news, Director Harry L. You purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were bought at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the transaction, the director owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. This trade represents a 2.81% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total value of $12,542,769.65. Following the completion of the transaction, the insider directly owned 266,494 shares of the company’s stock, valued at approximately $87,316,759.10. This trade represents a 12.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 524,780 shares of company stock worth $195,499,150 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.