Mesirow Financial Investment Management Inc. Has $38.26 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Mesirow Financial Investment Management Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,777 shares of the semiconductor manufacturer’s stock after selling 437 shares during the period. Broadcom accounts for about 0.9% of Mesirow Financial Investment Management Inc.’s investment portfolio, making the stock its 22nd biggest position. Mesirow Financial Investment Management Inc.’s holdings in Broadcom were worth $38,258,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVGO. Legend Financial Advisors Inc. boosted its holdings in shares of Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC bought a new position in Broadcom in the 1st quarter valued at $29,000. Delta Asset Management LLC TN boosted its stake in Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom during the first quarter worth $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in shares of Broadcom in the first quarter valued at $37,000. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 1.9 %

Shares of NASDAQ AVGO opened at $167.69 on Monday. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The stock has a market cap of $780.58 billion, a price-to-earnings ratio of 7.21, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company’s fifty day moving average is $188.15 and its 200-day moving average is $157.03.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the company posted $0.95 earnings per share. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.26%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio is presently 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Evercore ISI raised their price target on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Sanford C. Bernstein boosted their price objective on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. Melius initiated coverage on Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Finally, StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Two research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Company 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.