Virtu Financial LLC Purchases New Stake in Broadcom Inc (AVGO)

Virtu Financial LLC purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the first quarter, HoldingsChannel.com reports. The institutional investor purchased 2,781 shares of the semiconductor manufacturer’s stock, valued at approximately $836,000.

Several other hedge funds also recently added to or reduced their stakes in the company. Independence Bank of Kentucky acquired a new position in shares of Broadcom during the fourth quarter valued at $187,000. Viking Fund Management LLC increased its holdings in shares of Broadcom by 50.0% during the fourth quarter. Viking Fund Management LLC now owns 9,000 shares of the semiconductor manufacturer’s stock valued at $2,289,000 after purchasing an additional 3,000 shares during the period. Cigna Investments Inc. New increased its holdings in shares of Broadcom by 9.0% during the fourth quarter. Cigna Investments Inc. New now owns 13,783 shares of the semiconductor manufacturer’s stock valued at $3,505,000 after purchasing an additional 1,134 shares during the period. CHURCHILL MANAGEMENT Corp increased its holdings in shares of Broadcom by 183.2% during the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 80,057 shares of the semiconductor manufacturer’s stock valued at $20,357,000 after purchasing an additional 51,786 shares during the period. Finally, Cobiz Wealth LLC increased its holdings in shares of Broadcom by 2.6% during the fourth quarter. Cobiz Wealth LLC now owns 26,674 shares of the semiconductor manufacturer’s stock valued at $6,783,000 after purchasing an additional 665 shares during the period. 86.95% of the stock is owned by institutional investors and hedge funds.

Shares of AVGO stock opened at $318.50 on Wednesday. The company has a current ratio of 1.27, a quick ratio of 1.14 and a debt-to-equity ratio of 1.47. The firm has a market capitalization of $126.08 billion, a P/E ratio of 16.91, a P/E/G ratio of 1.48 and a beta of 0.68. Broadcom Inc has a one year low of $197.46 and a one year high of $320.01.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, topping analysts’ consensus estimates of $4.32 by $1.23. The company had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.12 earnings per share. Research analysts expect that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 56.29%.

A number of research analysts have recently commented on AVGO shares. DA Davidson raised their price target on Broadcom to $325.00 and gave the company a “buy” rating in a report on Friday, March 15th. MKM Partners raised their price target on Broadcom to $310.00 and gave the company a “buy” rating in a report on Monday, March 18th. Zacks Investment Research lowered Broadcom from a “hold” rating to a “sell” rating in a report on Tuesday, March 19th. JPMorgan Chase & Co. lifted their target price on Broadcom from $325.00 to $365.00 in a report on Monday, March 18th. Finally, Loop Capital lifted their target price on Broadcom to $315.00 and gave the stock a “buy” rating in a report on Monday, March 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirty-two have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $301.99.

In other Broadcom news, insider Kirsten M. Spears sold 4,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $306.31, for a total value of $1,225,240.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Charlie B. Kawwas sold 9,330 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $295.93, for a total value of $2,761,026.90. The disclosure for this sale can be found here. In the last three months, insiders sold 67,824 shares of company stock worth $20,089,519. Insiders own 3.30% of the company’s stock.

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About Broadcom

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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