Crestone Asset Management LLC Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Crestone Asset Management LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 20.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 304 shares of the semiconductor manufacturer’s stock after purchasing an additional 51 shares during the quarter. Crestone Asset Management LLC’s holdings in Broadcom were worth $339,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pathway Financial Advisors LLC boosted its holdings in Broadcom by 11.1% in the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after purchasing an additional 93 shares during the period. Todd Asset Management LLC increased its holdings in shares of Broadcom by 26.3% in the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock valued at $89,038,000 after acquiring an additional 16,608 shares during the last quarter. Benjamin Edwards Inc. raised its stake in Broadcom by 3.0% during the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock worth $3,506,000 after acquiring an additional 91 shares in the last quarter. Stegent Equity Advisors Inc. purchased a new position in Broadcom during the 4th quarter worth $271,000. Finally, Intrust Bank NA increased its stake in shares of Broadcom by 1.7% during the fourth quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after acquiring an additional 99 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. Cantor Fitzgerald upped their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. The Goldman Sachs Group restated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Monday, April 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price objective (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Up 1.7 %

Shares of NASDAQ AVGO traded up $22.26 during trading hours on Wednesday, hitting $1,325.37. The company had a trading volume of 1,390,681 shares, compared to its average volume of 2,855,330. The stock has a market capitalization of $614.20 billion, a P/E ratio of 49.54, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The firm’s 50 day moving average is $1,308.82 and its 200-day moving average is $1,157.75. Broadcom Inc. has a 1-year low of $615.86 and a 1-year high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period in the previous year, the company earned $9.83 EPS. On average, analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is presently 77.84%.

Insider Activity

In related news, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 110 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares in the company, valued at $4,134,375. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

About Broadcom

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.