GraniteShares Advisors LLC Takes $2.22 Million Position in Broadcom Inc. (NASDAQ:AVGO)

GraniteShares Advisors LLC purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,989 shares of the semiconductor manufacturer’s stock, valued at approximately $2,220,000. Broadcom comprises 2.0% of GraniteShares Advisors LLC’s investment portfolio, making the stock its 4th biggest holding.

Several other large investors have also modified their holdings of the stock. Macroview Investment Management LLC purchased a new position in shares of Broadcom in the third quarter valued at $29,000. BKM Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $29,000. CKW Financial Group purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Indiana Trust & Investment Management CO purchased a new position in shares of Broadcom in the third quarter valued at $32,000. Finally, VitalStone Financial LLC increased its position in shares of Broadcom by 71.4% in the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock valued at $40,000 after buying an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.4 %

Shares of NASDAQ:AVGO traded up $18.37 during mid-day trading on Tuesday, hitting $1,329.06. 1,890,746 shares of the company traded hands, compared to its average volume of 2,960,501. The firm has a market cap of $615.91 billion, a P/E ratio of 48.76, a PEG ratio of 2.74 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The firm’s 50 day simple moving average is $1,304.36 and its 200 day simple moving average is $1,110.50.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the company earned $9.83 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares in the company, valued at approximately $55,257,092.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, 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 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Monday, April 8th. Cantor Fitzgerald increased their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, Barclays assumed coverage on Broadcom in a research note on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $1,281.09.

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.