Broadcom Inc. $AVGO is Morse Asset Management Inc’s 2nd Largest Position

Morse Asset Management Inc lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,619 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,743 shares during the quarter. Broadcom accounts for approximately 4.7% of Morse Asset Management Inc’s investment portfolio, making the stock its 2nd largest position. Morse Asset Management Inc’s holdings in Broadcom were worth $23,403,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. JCIC Asset Management Inc. bought a new stake in Broadcom in the third quarter worth $31,000. Miller Global Investments LLC bought a new stake in Broadcom in the fourth quarter worth $31,000. Nvest Wealth Strategies Inc. bought a new stake in Broadcom in the fourth quarter worth $33,000. Manning & Napier Advisors LLC bought a new stake in Broadcom in the third quarter worth $34,000. Finally, Family CFO Inc bought a new stake in Broadcom in the fourth quarter worth $35,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the subject of a number of analyst reports. Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. Mizuho restated an “outperform” rating and issued a $480.00 price target on shares of Broadcom in a research report on Thursday, April 16th. Citigroup raised their price target on Broadcom from $458.00 to $475.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Rosenblatt Securities restated a “buy” rating and issued a $500.00 price target on shares of Broadcom in a research report on Tuesday, April 7th. Finally, Truist Financial raised their price target on Broadcom from $510.00 to $545.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $435.30.

Broadcom Stock Down 0.4%

NASDAQ:AVGO opened at $428.43 on Tuesday. Broadcom Inc. has a twelve month low of $215.88 and a twelve month high of $437.68. The company has a market cap of $2.03 trillion, a price-to-earnings ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The stock has a fifty day simple moving average of $356.98 and a 200-day simple moving average of $352.45. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same period last year, the company earned $1.60 earnings per share. The business’s revenue for the quarter was up 29.5% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 9.95 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were paid a dividend of $0.65 per share. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is currently 50.78%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,488 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the transaction, the insider owned 278,141 shares in the company, valued at approximately $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 39,116 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total value of $12,580,096.76. Following the transaction, the insider owned 74,626 shares in the company, valued at approximately $24,000,467.86. This represents a 34.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 324,282 shares of company stock worth $106,425,249. Corporate insiders own 1.90% of the company’s stock.

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.