Interval Partners LP Acquires New Position in Broadcom Inc. (NASDAQ:AVGO)

Interval Partners LP acquired a new stake in Broadcom Inc. (NASDAQ:AVGO) in the second quarter, Holdings Channel reports. The firm acquired 3,625 shares of the semiconductor manufacturer’s stock, valued at approximately $5,820,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Capital International Ltd. CA increased its holdings in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock valued at $87,367,000 after buying an additional 1,310 shares during the last quarter. Focus Financial Network Inc. ADV purchased a new position in shares of Broadcom in the 4th quarter valued at about $2,238,000. Gryphon Financial Partners LLC raised its position in shares of Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. Ensign Peak Advisors Inc lifted its stake in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock worth $842,160,000 after purchasing an additional 84,196 shares during the last quarter. Finally, Steward Partners Investment Solutions LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $2,205,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 1.1 %

AVGO stock opened at $172.94 on Tuesday. The company has a market cap of $805.01 billion, a P/E ratio of 7.44, a P/E/G ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52 week low of $80.44 and a 52 week high of $185.16. The company’s 50-day moving average price is $156.84 and its 200 day moving average price is $147.14. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS 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 firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The firm’s revenue was up 47.3% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, Citigroup reaffirmed a “buy” rating and issued a $156.00 target price on shares of Broadcom in a report on Tuesday, June 11th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Buying and Selling at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares in the company, valued at approximately $126,754,425.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The disclosure for this sale can be found here. Insiders have sold 82,702 shares of company stock valued at $25,206,941 over the last quarter. Corporate 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.