Broadcom Inc. (NASDAQ:AVGO) is Morse Asset Management Inc’s 6th Largest Position

Morse Asset Management Inc lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,605 shares of the semiconductor manufacturer’s stock after selling 123 shares during the period. Broadcom makes up approximately 2.6% of Morse Asset Management Inc’s holdings, making the stock its 6th largest holding. Morse Asset Management Inc’s holdings in Broadcom were worth $10,605,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Interval Partners LP purchased a new position in shares of Broadcom in the second quarter worth $5,820,000. Xponance Inc. grew its holdings in Broadcom by 2.9% in the 2nd quarter. Xponance Inc. now owns 106,546 shares of the semiconductor manufacturer’s stock worth $171,063,000 after acquiring an additional 2,986 shares during the last quarter. Tairen Capital Ltd purchased a new position in shares of Broadcom in the second quarter valued at about $8,657,000. Bank of Montreal Can raised its stake in shares of Broadcom by 1.2% during the second quarter. Bank of Montreal Can now owns 1,760,377 shares of the semiconductor manufacturer’s stock valued at $2,908,160,000 after acquiring an additional 20,811 shares during the last quarter. Finally, Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Broadcom during the second quarter worth about $11,441,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 2.2 %

Shares of NASDAQ:AVGO opened at $171.10 on Monday. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The stock has a market capitalization of $796.45 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. The stock has a fifty day simple moving average of $156.81 and a two-hundred day simple moving average of $146.91. 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 posted its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on AVGO shares. The Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Jefferies Financial Group boosted their target price on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. William Blair started coverage on Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Wells Fargo & Company boosted their price objective on shares of Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research report on Thursday, June 13th. Finally, Piper Sandler raised their target price on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Two investment 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’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

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.