Denali Advisors LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Denali Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 61,406 shares of the semiconductor manufacturer’s stock after buying an additional 7,825 shares during the period. Broadcom accounts for about 1.5% of Denali Advisors LLC’s portfolio, making the stock its 7th largest holding. Denali Advisors LLC’s holdings in Broadcom were worth $14,236,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Lake Street Advisors Group LLC increased its position in Broadcom by 57.8% during the 4th quarter. Lake Street Advisors Group LLC now owns 108,354 shares of the semiconductor manufacturer’s stock worth $25,121,000 after buying an additional 39,680 shares during the period. Kirtland Hills Capital Management LLC grew its stake in shares of Broadcom by 30.7% in the fourth quarter. Kirtland Hills Capital Management LLC now owns 4,420 shares of the semiconductor manufacturer’s stock valued at $1,025,000 after acquiring an additional 1,037 shares in the last quarter. NCP Inc. increased its position in Broadcom by 63.1% during the fourth quarter. NCP Inc. now owns 12,558 shares of the semiconductor manufacturer’s stock worth $2,911,000 after acquiring an additional 4,858 shares during the period. FFT Wealth Management LLC raised its stake in Broadcom by 41.3% in the 4th quarter. FFT Wealth Management LLC now owns 3,594 shares of the semiconductor manufacturer’s stock worth $833,000 after purchasing an additional 1,051 shares in the last quarter. Finally, Delta Financial Advisors LLC boosted its holdings in Broadcom by 4.5% in the 4th quarter. Delta Financial Advisors LLC now owns 17,494 shares of the semiconductor manufacturer’s stock valued at $4,056,000 after purchasing an additional 748 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $212.94 on Thursday. The stock has a market cap of $998.13 billion, a price-to-earnings ratio of 173.69, a P/E/G ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company’s fifty day moving average is $228.28 and its 200 day moving average is $191.46. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.11%. Broadcom’s dividend payout ratio is 191.87%.

Analysts Set New Price Targets

Several brokerages have recently commented on AVGO. Barclays raised their target price on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Bank of America raised their price objective on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Robert W. Baird upped their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Benchmark reaffirmed a “buy” rating and set a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $225.04.

Insider Buying and Selling

In other Broadcom news, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction that occurred on 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 completion of the sale, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the sale, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. Insiders own 2.00% of the company’s stock.

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.