Meyer Handelman Co. Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Meyer Handelman Co. boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,073 shares of the semiconductor manufacturer’s stock after acquiring an additional 59 shares during the period. Meyer Handelman Co.’s holdings in Broadcom were worth $712,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. NCP Inc. boosted its holdings in shares of Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after acquiring an additional 400 shares in the last quarter. Primecap Management Co. CA lifted its position in Broadcom by 61.4% in the second quarter. Primecap Management Co. CA now owns 95,428 shares of the semiconductor manufacturer’s stock valued at $153,213,000 after purchasing an additional 36,317 shares during the period. Virtu Financial LLC purchased a new stake in Broadcom in the 2nd quarter valued at approximately $2,116,000. Financial & Tax Architects LLC increased its position in Broadcom by 20.1% during the 2nd quarter. Financial & Tax Architects LLC now owns 925 shares of the semiconductor manufacturer’s stock worth $1,486,000 after purchasing an additional 155 shares during the period. Finally, E Fund Management Co. Ltd. raised its stake in shares of Broadcom by 18.8% during the 2nd quarter. E Fund Management Co. Ltd. now owns 11,981 shares of the semiconductor manufacturer’s stock worth $19,236,000 after buying an additional 1,894 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Up 1.5 %

Shares of AVGO opened at $228.00 on Thursday. Broadcom Inc. has a fifty-two week low of $109.02 and a fifty-two week high of $251.88. The company’s fifty day moving average is $199.05 and its two-hundred day moving average is $176.63. The firm has a market cap of $1.07 trillion, a PE ratio of 198.09, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 earnings per share. Analysts forecast that Broadcom Inc. will post 3.79 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced 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 1.04%. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 191.87%.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 191,278 shares of company stock worth $44,964,800. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on AVGO shares. Robert W. Baird upped their price objective on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Jefferies Financial Group boosted their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Barclays increased their price target on shares of Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Susquehanna boosted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, Mizuho increased their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $223.54.

Broadcom Company 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.