Gabelli Funds LLC Boosts Stock Position in Broadcom Inc. $AVGO

Gabelli Funds LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 11.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 285,008 shares of the semiconductor manufacturer’s stock after acquiring an additional 28,691 shares during the quarter. Gabelli Funds LLC’s holdings in Broadcom were worth $78,562,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sawyer & Company Inc increased its stake in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC bought a new position in Broadcom in the 2nd quarter worth $27,000. Legend Financial Advisors Inc. bought a new position in Broadcom in the 2nd quarter worth $28,000. LGT Financial Advisors LLC purchased a new stake in Broadcom in the 2nd quarter worth $31,000. Finally, New England Capital Financial Advisors LLC bought a new stake in Broadcom during the second quarter valued at about $31,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 148,154 shares of the company’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the sale, the chief executive officer directly owned 825,998 shares in the company, valued at approximately $278,088,746.66. This represents a 15.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 368,797 shares of the stock in a transaction dated Wednesday, September 24th. The shares were sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the completion of the transaction, the director directly owned 37,722,534 shares of the company’s stock, valued at approximately $12,746,821,463.94. The trade was a 0.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 3,550 shares of company stock valued at $1,227,869 and have sold 665,271 shares valued at $225,483,192. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $390.24 on Friday. The company has a market cap of $1.84 trillion, a price-to-earnings ratio of 99.55, a PEG ratio of 1.33 and a beta of 1.19. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $403.00. The stock’s 50 day simple moving average is $356.79 and its two-hundred day simple moving average is $312.12. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.03. Broadcom had a net margin of 31.59% and a return on equity of 36.60%. The firm had revenue of $15.95 billion during the quarter, compared to analyst estimates of $15.82 billion. During the same period last year, the firm posted $1.24 earnings per share. Broadcom’s revenue for the quarter was up 22.0% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AVGO shares. JPMorgan Chase & Co. boosted their price objective on Broadcom from $325.00 to $400.00 and gave the company an “overweight” rating in a research report on Friday, September 5th. Barclays set a $450.00 target price on Broadcom and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Broadcom in a research note on Monday, December 1st. Argus increased their price objective on shares of Broadcom from $285.00 to $375.00 and gave the company a “buy” rating in a report on Monday, September 8th. Finally, Deutsche Bank Aktiengesellschaft set a $400.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $391.04.

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.