Townsquare Capital LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Townsquare Capital LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 42.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 296,504 shares of the semiconductor manufacturer's stock after buying an additional 87,951 shares during the period. Townsquare Capital LLC's holdings in Broadcom were worth $49,644,000 as of its most recent filing with the Securities and Exchange Commission.

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A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd lifted its position in Broadcom by 175.3% during the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after purchasing an additional 64,038 shares during the last quarter. Nebula Research & Development LLC grew its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares in the last quarter. Keener Financial Planning LLC increased its holdings in shares of Broadcom by 34.8% in the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock worth $149,000 after buying an additional 230 shares during the last quarter. Finally, Diversify Wealth Management LLC raised its position in shares of Broadcom by 5.6% during the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after buying an additional 2,016 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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AVGO has been the subject of several research analyst reports. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Arete Research raised Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. Rosenblatt Securities increased their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and a consensus price target of $294.92.

View Our Latest Stock Analysis on Broadcom

Broadcom Price Performance

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Shares of AVGO opened at $303.76 on Friday. The firm has a fifty day simple moving average of $271.57 and a two-hundred day simple moving average of $226.37. The firm has a market cap of $1.43 trillion, a PE ratio of 113.77, a P/E/G ratio of 2.15 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $310.34.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.

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