Renaissance Technologies LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Renaissance Technologies LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 294,115 shares of the semiconductor manufacturer’s stock, valued at approximately $472,213,000. Broadcom accounts for about 0.8% of Renaissance Technologies LLC’s portfolio, making the stock its 9th largest holding.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barry Investment Advisors LLC purchased a new stake in Broadcom during the 4th quarter worth $228,000. Capital International Ltd. CA increased its stake in Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after buying an additional 1,310 shares during the period. Focus Financial Network Inc. ADV purchased a new stake in Broadcom during the 4th quarter worth $2,238,000. Gryphon Financial Partners LLC increased its stake in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after buying an additional 801 shares during the period. Finally, Steward Partners Investment Solutions LLC purchased a new stake in Broadcom during the 4th quarter worth $2,205,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on AVGO. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Truist Financial lifted their price target on shares of Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a report on Thursday, June 13th. Benchmark reaffirmed a “buy” rating and issued a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price target on shares of Broadcom in a report on Friday, September 6th. Finally, Melius started coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. Two 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, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Stock Up 1.9 %

NASDAQ AVGO opened at $167.69 on Monday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company’s 50 day simple moving average is $188.15 and its 200 day simple moving average is $157.03. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a market capitalization of $780.58 billion, a P/E ratio of 7.21, a PEG ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the firm earned $0.95 EPS. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

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.