Gardner Lewis Asset Management L P Grows Holdings in Broadcom Inc. (NASDAQ:AVGO)

Gardner Lewis Asset Management L P lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 30.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,700 shares of the semiconductor manufacturer’s stock after acquiring an additional 394 shares during the quarter. Gardner Lewis Asset Management L P’s holdings in Broadcom were worth $2,729,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Legend Financial Advisors Inc. raised its holdings 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 buying an additional 8 shares during the period. Richardson Capital Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $29,000. Delta Asset Management LLC TN increased 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 purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in Broadcom during the first quarter worth about $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Broadcom during the first quarter worth about $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $162.47 on Wednesday. The firm’s fifty day simple moving average is $157.17 and its 200-day simple moving average is $146.21. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The stock has a market capitalization of $756.28 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the business posted $0.95 earnings per share. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.30%. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 2,540 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVGO shares. Mizuho increased their target price on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Truist Financial boosted their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Rosenblatt Securities reduced their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, Melius assumed coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $189.23.

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.