Consolidated Capital Management LLC Purchases 15,113 Shares of Broadcom Inc. (NASDAQ:AVGO)

18 Oct 2024, 18:10 by Michael Walen · The Markets Daily

Consolidated Capital Management LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 260.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,905 shares of the semiconductor manufacturer’s stock after acquiring an additional 15,113 shares during the quarter. Broadcom accounts for 1.6% of Consolidated Capital Management LLC’s holdings, making the stock its 22nd largest holding. Consolidated Capital Management LLC’s holdings in Broadcom were worth $3,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Vanguard Group Inc. grew its stake in shares of Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares during the last quarter. Swedbank AB raised its holdings in shares of Broadcom by 858.7% during the third quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares during the period. Jennison Associates LLC raised its holdings in shares of Broadcom by 43.9% during the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after purchasing an additional 1,263,957 shares during the period. Legal & General Group Plc raised its holdings in shares of Broadcom by 2.2% during the second quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock valued at $6,362,816,000 after purchasing an additional 83,846 shares during the period. Finally, GQG Partners LLC raised its holdings in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after purchasing an additional 983,328 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They issued an “outperform” rating on the stock. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Morgan Stanley increased their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Finally, Bank of America reaffirmed a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a report on Monday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $191.54.

Read Our Latest Report on AVGO

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, insider Mark David Brazeal sold 18,900 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the sale, the insider now owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,080 shares of company stock worth $53,540,590 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

Broadcom stock opened at $181.53 on Friday. The firm’s fifty day moving average price is $165.88 and its 200-day moving average price is $152.92. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The stock has a market cap of $845.00 billion, a P/E ratio of 7.81, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a fifty-two week low of $81.83 and a fifty-two week high of $186.42.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for 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 firm’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 EPS. On average, equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date of this dividend was Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Broadcom Profile

(Free Report)