Jafra Capital Management LP Takes $1.82 Million Position in Broadcom Inc (NASDAQ:AVGO)
Jafra Capital Management LP acquired a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,500 shares of the semiconductor manufacturer’s stock, valued at approximately $1,820,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Broadcom during the second quarter valued at $1,290,000. Waddell & Reed Financial Inc. bought a new stake in shares of Broadcom in the second quarter valued at about $469,098,000. Worldquant Millennium Quantitative Strategies LLC bought a new stake in shares of Broadcom in the second quarter valued at about $5,914,000. Zurich Insurance Group Ltd FI bought a new stake in shares of Broadcom in the second quarter valued at about $16,229,000. Finally, Centaurus Financial Inc. bought a new stake in shares of Broadcom in the second quarter valued at about $161,000. 88.01% of the stock is owned by institutional investors.
In other news, insider Kirsten M. Spears sold 1,194 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $246.52, for a total transaction of $294,344.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Hock E. Tan sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 16th. The stock was sold at an average price of $202.08, for a total value of $4,041,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,194 shares of company stock valued at $18,118,745. Corporate insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the prior year, the firm posted $4.10 EPS. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th were given a $1.75 dividend. The ex-dividend date of this dividend was Tuesday, September 18th. This represents a $7.00 annualized dividend and a yield of 2.87%. Broadcom’s dividend payout ratio is presently 48.95%.
AVGO has been the subject of several recent research reports. Zacks Investment Research downgraded Broadcom from a “hold” rating to a “sell” rating in a report on Monday, June 11th. Benchmark initiated coverage on Broadcom in a report on Friday, June 15th. They issued a “buy” rating and a $300.00 price objective for the company. BidaskClub upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 16th. Loop Capital assumed coverage on Broadcom in a report on Thursday, June 21st. They issued a “buy” rating and a $306.00 price objective for the company. Finally, Jefferies Financial Group reduced their target price on shares of Broadcom to $278.00 and set a “buy” rating for the company in a report on Thursday, July 12th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-one have given a buy rating to the company. Broadcom presently has a consensus rating of “Buy” and an average target price of $290.77.
Broadcom Company Profile
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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