Ascent Capital Management LLC Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

Ascent Capital Management LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, HoldingsChannel reports. The fund purchased 4,994 shares of the semiconductor manufacturer’s stock, valued at approximately $1,158,000. Broadcom comprises about 1.2% of Ascent Capital Management LLC’s portfolio, making the stock its 18th largest holding.

Several other hedge funds also recently made changes to their positions in AVGO. KFA Private Wealth Group LLC grew its holdings in Broadcom by 2.5% in the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after purchasing an additional 42 shares during the period. Dakota Community Bank & Trust NA grew its stake in shares of Broadcom by 2.7% in the 4th quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock valued at $391,000 after buying an additional 45 shares during the period. Bryant Woods Investment Advisors LLC increased its position in Broadcom by 3.5% in the 4th quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock valued at $305,000 after buying an additional 45 shares in the last quarter. Marest Capital LLC raised its stake in Broadcom by 1.0% during the 4th quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after buying an additional 46 shares during the period. Finally, Defined Wealth Management LLC boosted its holdings in Broadcom by 0.4% in the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock worth $2,947,000 after acquiring an additional 47 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock valued at $44,964,800 over the last three months. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on AVGO shares. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. TD Cowen boosted their price target on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Jefferies Financial Group raised their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.48.

Broadcom Trading Up 2.2 %

Shares of AVGO stock opened at $195.54 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $919.42 billion, a P/E ratio of 159.50, a PEG ratio of 2.29 and a beta of 1.01. The company has a 50 day moving average of $218.12 and a 200-day moving average of $193.91. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the business posted $0.98 earnings per share. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.21%. The ex-dividend date is Thursday, March 20th. Broadcom’s dividend payout ratio is currently 113.46%.

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.