GraniteShares Advisors LLC Makes New $4.18 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

GraniteShares Advisors LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,033 shares of the semiconductor manufacturer’s stock, valued at approximately $4,181,000. Broadcom accounts for 2.6% of GraniteShares Advisors LLC’s portfolio, making the stock its 2nd largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pin Oak Investment Advisors Inc. grew its position in Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter valued at $26,000. JDM Financial Group LLC grew its position in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in Broadcom in the fourth quarter valued at $37,000. Finally, R Squared Ltd bought a new position in Broadcom in the fourth quarter valued at $39,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the transaction, the insider now directly owns 321,660 shares in the company, valued at $76,809,191.40. This represents a 5.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 in the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $197.80 on Friday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a 50-day simple moving average of $227.87 and a two-hundred day simple moving average of $191.51. The stock has a market capitalization of $927.16 billion, a price-to-earnings ratio of 161.34, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 EPS. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.19%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is currently 191.87%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AVGO shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Citigroup raised their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Benchmark reissued a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Piper Sandler lifted their price objective on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $225.04.

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.