Kirtland Hills Capital Management LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Kirtland Hills Capital Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,031.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,383 shares of the semiconductor manufacturer's stock after buying an additional 3,084 shares during the quarter. Kirtland Hills Capital Management LLC's holdings in Broadcom were worth $584,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Gamco Investors INC. ET AL increased its holdings in Broadcom by 80.5% during the 1st quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer's stock worth $1,189,000 after purchasing an additional 400 shares during the period. Bamco Inc. NY increased its holdings in Broadcom by 13,754.9% during the 1st quarter. Bamco Inc. NY now owns 23,969 shares of the semiconductor manufacturer's stock worth $31,769,000 after purchasing an additional 23,796 shares during the period. Mount Yale Investment Advisors LLC increased its holdings in Broadcom by 1.8% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 2,372 shares of the semiconductor manufacturer's stock worth $3,144,000 after purchasing an additional 42 shares during the period. Earnest Partners LLC increased its holdings in Broadcom by 11.8% during the 1st quarter. Earnest Partners LLC now owns 208 shares of the semiconductor manufacturer's stock worth $276,000 after purchasing an additional 22 shares during the period. Finally, Caxton Associates LP increased its holdings in Broadcom by 5,434.5% during the 1st quarter. Caxton Associates LP now owns 47,486 shares of the semiconductor manufacturer's stock worth $62,938,000 after purchasing an additional 46,628 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Benchmark restated a "buy" rating and set a $210.00 price target on shares of Broadcom in a report on Friday, September 6th. Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the stock an "overweight" rating in a report on Friday, September 6th. Rosenblatt Securities dropped their price objective on Broadcom from $2,400.00 to $240.00 and set a "buy" rating on the stock in a report on Friday, September 6th. Mizuho increased their price objective on Broadcom from $190.00 to $220.00 and gave the company an "outperform" rating in a report on Monday, October 14th. Finally, William Blair began coverage on Broadcom in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $192.79.

Insider Activity

In related news, insider Mark David Brazeal sold 20,280 shares of Broadcom stock in a transaction on Monday, October 7th. The stock was sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the completion of the transaction, the insider now directly owns 399,460 shares of the company's stock, valued at approximately $70,744,366. The trade was a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company's stock, valued at approximately $217,594,136.70. This represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,080 shares of company stock valued at $53,540,590 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Broadcom stock traded up $0.29 during mid-day trading on Friday, reaching $164.23. 17,332,473 shares of the company were exchanged, compared to its average volume of 18,615,522. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The firm's 50-day simple moving average is $173.70 and its two-hundred day simple moving average is $160.62. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market cap of $767.05 billion, a PE ratio of 142.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts' expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm's revenue for the quarter was up 47.3% on a year-over-year basis. During the same period last year, the firm earned $0.95 EPS. Equities analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a $0.53 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.29%. The ex-dividend date was Thursday, September 19th. Broadcom's dividend payout ratio (DPR) is currently 184.35%.

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.