Resonant Capital Advisors LLC Makes New $222,000 Investment in Broadcom Inc (NASDAQ:AVGO)

Resonant Capital Advisors LLC bought a new stake in Broadcom Inc (NASDAQ:AVGO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 701 shares of the semiconductor manufacturer’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp boosted its position in Broadcom by 0.9% during the fourth quarter. State Street Corp now owns 16,344,681 shares of the semiconductor manufacturer’s stock worth $5,165,246,000 after purchasing an additional 138,951 shares during the period. Amundi Pioneer Asset Management Inc. grew its stake in Broadcom by 35.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,907,456 shares of the semiconductor manufacturer’s stock valued at $602,751,000 after buying an additional 494,761 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Broadcom by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,780,511 shares of the semiconductor manufacturer’s stock valued at $562,678,000 after acquiring an additional 90,300 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Broadcom by 3.1% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,621,093 shares of the semiconductor manufacturer’s stock valued at $512,298,000 after acquiring an additional 48,090 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Broadcom by 11.9% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,611,359 shares of the semiconductor manufacturer’s stock worth $509,222,000 after acquiring an additional 171,373 shares in the last quarter. 83.02% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently commented on the company. Bank of America reaffirmed a “buy” rating and issued a $320.00 price target (down from $360.00) on shares of Broadcom in a report on Monday, March 9th. Royal Bank of Canada dropped their price objective on Broadcom from $360.00 to $300.00 and set an “outperform” rating on the stock in a report on Friday, March 13th. Raymond James restated a “hold” rating on shares of Broadcom in a research note on Thursday, December 12th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $345.00 target price (up previously from $330.00) on shares of Broadcom in a report on Tuesday, December 10th. Finally, Morgan Stanley reiterated a “buy” rating and set a $340.00 price target on shares of Broadcom in a research report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty-eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $313.81.

In other news, CEO Hock E. Tan sold 73,646 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $303.36, for a total value of $22,341,250.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders have sold 420,938 shares of company stock valued at $121,050,177. Corporate insiders own 3.30% of the company’s stock.

Shares of Broadcom stock traded up $25.62 on Thursday, hitting $243.17. 6,019,492 shares of the company traded hands, compared to its average volume of 3,555,783. The firm’s 50-day simple moving average is $271.75 and its 200 day simple moving average is $294.91. The company has a current ratio of 1.56, a quick ratio of 1.44 and a debt-to-equity ratio of 1.58. The company has a market cap of $85.06 billion, a P/E ratio of 40.13, a P/E/G ratio of 1.13 and a beta of 0.87. Broadcom Inc has a 12-month low of $155.67 and a 12-month high of $331.58.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 12th. The semiconductor manufacturer reported $5.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.33 by ($0.08). The company had revenue of $5.86 billion during the quarter, compared to analysts’ expectations of $5.99 billion. Broadcom had a return on equity of 69.53% and a net margin of 11.64%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $5.55 earnings per share. Analysts predict that Broadcom Inc will post 18.07 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd will be paid a dividend of $3.25 per share. This represents a $13.00 annualized dividend and a yield of 5.35%. The ex-dividend date of this dividend is Friday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 74.67%.

About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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