Second Line Capital LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Second Line Capital LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,198 shares of the semiconductor manufacturer’s stock after buying an additional 94 shares during the quarter. Broadcom comprises approximately 1.1% of Second Line Capital LLC’s portfolio, making the stock its 19th biggest holding. Second Line Capital LLC’s holdings in Broadcom were worth $3,529,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. lifted its stake in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares in the last quarter. Richardson Capital Management LLC acquired a new position in Broadcom during the first quarter valued at approximately $29,000. Delta Asset Management LLC TN grew its stake in Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in Broadcom during the first quarter worth approximately $36,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $43,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $172.69 on Monday. Broadcom Inc. has a 12-month low of $80.89 and a 12-month high of $185.16. The company has a market cap of $803.85 billion, a PE ratio of 7.43, a P/E/G ratio of 2.78 and a beta of 1.16. The stock has a 50 day simple moving average of $158.00 and a 200-day simple moving average of $148.25. 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 earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating the consensus estimate 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 analysts’ expectations of $12.98 billion. During the same quarter last year, the company earned $0.95 EPS. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. On average, equities research analysts forecast that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

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

Insider Activity

In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the sale, the director now directly owns 34,750 shares in the company, valued at $6,064,917.50. The disclosure for this sale can be found here. Insiders sold a total of 233,452 shares of company stock worth $51,278,838 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. UBS Group decreased their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Morgan Stanley increased their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Oppenheimer dropped their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Melius started coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom 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.