Tenere Capital LLC Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Tenere Capital LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,181.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,677 shares of the semiconductor manufacturer’s stock after acquiring an additional 84,523 shares during the quarter. Broadcom makes up 4.2% of Tenere Capital LLC’s portfolio, making the stock its 9th biggest position. Tenere Capital LLC’s holdings in Broadcom were worth $15,814,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Kiely Wealth Advisory Group Inc. bought a new position in Broadcom during the 2nd quarter valued at $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Broadcom during the second quarter worth $136,000. American Capital Advisory LLC acquired a new stake in shares of Broadcom during the second quarter worth $169,000. Semus Wealth Partners LLC acquired a new stake in shares of Broadcom during the second quarter worth $202,000. Finally, Palisades Hudson Asset Management L.P. acquired a new stake in shares of Broadcom during the second quarter worth $204,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research reports. The Goldman Sachs Group increased their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Mizuho increased their target price on shares of Broadcom from $190.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Truist Financial increased their target price on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $195.96.

Broadcom Stock Performance

Shares of AVGO opened at $179.53 on Friday. Broadcom Inc. has a one year low of $90.36 and a one year high of $186.42. The company has a 50-day moving average of $173.01 and a two-hundred day moving average of $162.79. The stock has a market cap of $838.51 billion, a price-to-earnings ratio of 155.98, a PEG ratio of 2.01 and a beta of 1.13. 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 announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during 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 business’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total value of $3,591,588.00. Following the completion of the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at $70,744,366. This represents a 4.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Profile

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.