Genesee Capital Advisors LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Genesee Capital Advisors LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 9.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,398 shares of the semiconductor manufacturer’s stock after buying an additional 217 shares during the quarter. Broadcom accounts for approximately 1.7% of Genesee Capital Advisors LLC’s holdings, making the stock its 15th biggest holding. Genesee Capital Advisors LLC’s holdings in Broadcom were worth $2,677,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Rise Advisors LLC boosted its stake in Broadcom by 76.5% in the 3rd quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares during the period. Macroview Investment Management LLC bought a new position in Broadcom in the 3rd quarter worth $29,000. BKM Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter worth about $29,000. CKW Financial Group acquired a new stake in shares of Broadcom during the 4th quarter valued at about $30,000. Finally, Indiana Trust & Investment Management CO acquired a new position in Broadcom in the third quarter valued at about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $60.09 during trading hours on Thursday, reaching $1,382.46. The stock had a trading volume of 3,169,687 shares, compared to its average volume of 2,986,388. The firm has a market cap of $640.66 billion, a price-to-earnings ratio of 51.24, a PEG ratio of 2.85 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The firm has a 50-day moving average of $1,300.62 and a 200-day moving average of $1,099.55.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period in the prior year, the business posted $9.83 EPS. Equities research analysts predict that Broadcom Inc. will post 36.31 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Wall Street Analyst Weigh In

AVGO has been the subject of several recent research reports. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Benchmark restated a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. JPMorgan Chase & Co. reiterated an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 target price (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Finally, Barclays initiated coverage on shares of Broadcom in a report on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price target for the company. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,255.18.

Insider Transactions at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the sale, the insider now owns 46,974 shares in the company, valued at approximately $61,957,296.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,310 shares of company stock valued at $36,869,987. 2.00% of the stock is currently owned by insiders.

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.