Sierra Ocean LLC Purchases New Stake in Broadcom Inc. (NASDAQ:AVGO)

Sierra Ocean LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,790 shares of the semiconductor manufacturer's stock, valued at approximately $415,000.

A number of other hedge funds have also made changes to their positions in AVGO. Castleview Partners LLC grew its holdings in Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after acquiring an additional 134 shares during the period. Pin Oak Investment Advisors Inc. lifted its stake in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. JDM Financial Group LLC grew its stake in shares of Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock valued at $32,000 after buying an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Broadcom in the 4th quarter worth $37,000. Finally, R Squared Ltd purchased a new stake in Broadcom during the 4th quarter worth approximately $39,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now owns 113,050 shares of the company's stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 over the last three months. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AVGO shares. Hsbc Global Res upgraded shares of Broadcom to a "hold" rating in a research note on Tuesday, December 3rd. Truist Financial upped their price objective on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, December 13th. TD Cowen boosted their price objective on shares of Broadcom from $210.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Finally, Mizuho boosted their price objective on shares of Broadcom from $245.00 to $260.00 and gave the stock an "outperform" rating in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $225.04.

Broadcom Price Performance

Broadcom stock traded down $8.84 during mid-day trading on Friday, reaching $217.90. The company had a trading volume of 12,635,342 shares, compared to its average volume of 27,238,252. The business has a fifty day simple moving average of $230.21 and a 200 day simple moving average of $189.26. The company has a market cap of $1.02 trillion, a P/E ratio of 177.78, a P/E/G ratio of 2.39 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter last year, the business posted $0.98 EPS. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is a boost from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. Broadcom's payout ratio is currently 191.87%.

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.