Bell Asset Management Ltd Makes New $8.95 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Bell Asset Management Ltd purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 38,592 shares of the semiconductor manufacturer’s stock, valued at approximately $8,947,000. Broadcom accounts for approximately 1.6% of Bell Asset Management Ltd’s investment portfolio, making the stock its 15th biggest holding.

Several other large investors have also recently added to or reduced their stakes in AVGO. Howard Capital Management Group LLC increased its holdings in Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after buying an additional 2,908 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Broadcom by 1,019.4% during the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock worth $1,238,966,000 after purchasing an additional 6,540,800 shares during the last quarter. Tenere Capital LLC raised its holdings in shares of Broadcom by 1,181.5% during the 3rd quarter. Tenere Capital LLC now owns 91,677 shares of the semiconductor manufacturer’s stock valued at $15,814,000 after purchasing an additional 84,523 shares in the last quarter. Dunhill Financial LLC boosted its holdings in Broadcom by 1,865.2% in the third quarter. Dunhill Financial LLC now owns 904 shares of the semiconductor manufacturer’s stock worth $156,000 after purchasing an additional 858 shares in the last quarter. Finally, Dorsey Wright & Associates increased its position in Broadcom by 932.5% during the third quarter. Dorsey Wright & Associates now owns 43,634 shares of the semiconductor manufacturer’s stock worth $7,527,000 after buying an additional 39,408 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. Robert W. Baird boosted their price target on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Evercore ISI raised their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. upped their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Piper Sandler lifted their price target on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Finally, KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Down 5.0 %

Shares of AVGO stock opened at $146.29 on Monday. The firm has a fifty day moving average of $201.57 and a 200-day moving average of $196.43. The stock has a market cap of $687.85 billion, a price-to-earnings ratio of 119.32, a P/E/G ratio of 2.29 and a beta of 1.05. Broadcom Inc. has a 52-week low of $119.76 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.61%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 697,976 shares of company stock worth $127,336,102 over the last quarter. Company insiders own 2.00% of the company’s stock.

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.