Broadcom Inc. (NASDAQ:AVGO) is Marco Investment Management LLC’s Largest Position

Marco Investment Management LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 904.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 450,085 shares of the semiconductor manufacturer’s stock after acquiring an additional 405,261 shares during the quarter. Broadcom comprises 6.7% of Marco Investment Management LLC’s holdings, making the stock its largest position. Marco Investment Management LLC’s holdings in Broadcom were worth $77,640,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AVGO. Hartford Funds Management Co LLC lifted its holdings in Broadcom by 939.4% in the 3rd quarter. Hartford Funds Management Co LLC now owns 7,016 shares of the semiconductor manufacturer’s stock valued at $1,210,000 after purchasing an additional 6,341 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Broadcom by 909.4% in the third quarter. Summit Trail Advisors LLC now owns 666,622 shares of the semiconductor manufacturer’s stock worth $114,992,000 after buying an additional 600,580 shares in the last quarter. Cahill Financial Advisors Inc. lifted its stake in shares of Broadcom by 899.0% in the third quarter. Cahill Financial Advisors Inc. now owns 3,976 shares of the semiconductor manufacturer’s stock worth $686,000 after buying an additional 3,578 shares in the last quarter. Capital Investment Counsel LLC boosted its position in Broadcom by 861.7% during the third quarter. Capital Investment Counsel LLC now owns 104,587 shares of the semiconductor manufacturer’s stock worth $18,041,000 after acquiring an additional 93,712 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in Broadcom by 3,140.9% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,176,949 shares of the semiconductor manufacturer’s stock valued at $203,024,000 after acquiring an additional 1,140,633 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Mizuho boosted their target price on Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. William Blair assumed coverage on Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating for the company. Truist Financial raised their target price on Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley upped their price objective on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Finally, TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $195.96.

Insider Activity

In related news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 311,080 shares of company stock worth $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $164.74 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The stock has a market capitalization of $769.43 billion, a price-to-earnings ratio of 143.13, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17. The business has a 50-day moving average of $173.76 and a 200 day moving average of $161.09. Broadcom Inc. has a 12 month low of $90.31 and a 12 month high of $186.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 184.19%.

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.