Rep. Nancy Pelosi Buys Broadcom Inc. (NASDAQ:AVGO) Stock

Representative Nancy Pelosi (D-California) recently bought shares of Broadcom Inc. NASDAQ: AVGO. In a filing disclosed on July 09th, the Representative disclosed that they had bought between $1,000,001 and $5,000,000 in Broadcom stock on June 20th.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $3.11 during trading on Friday, reaching $283.34. 15,006,524 shares of the company's stock traded hands, compared to its average volume of 27,818,679. The firm has a market cap of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $288.28. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a 50-day simple moving average of $254.41 and a 200-day simple moving average of $220.25.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.96 earnings per share. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.83%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the transaction, the director owned 24,582 shares in the company, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVGO. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Susquehanna raised their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Evercore ISI restated an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Citigroup boosted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of "Buy" and an average target price of $292.08.

Hedge Funds Weigh In On Broadcom

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sawyer & Company Inc lifted its position in shares of Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer's stock worth $26,000 after purchasing an additional 36 shares during the period. PFS Partners LLC lifted its stake in shares of Broadcom by 38.4% during the second quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer's stock worth $38,000 after buying an additional 38 shares during the period. Waddell & Associates LLC increased its holdings in Broadcom by 2.1% in the 1st quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer's stock worth $350,000 after buying an additional 43 shares during the period. Luts & Greenleigh Group Inc. lifted its holdings in shares of Broadcom by 1.3% in the 2nd quarter. Luts & Greenleigh Group Inc. now owns 3,405 shares of the semiconductor manufacturer's stock valued at $939,000 after buying an additional 44 shares during the period. Finally, Challenger Wealth Management boosted its stake in shares of Broadcom by 1.3% in the first quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer's stock worth $587,000 after buying an additional 45 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

About Representative Pelosi

Nancy Pelosi (Democratic Party) is a member of the U.S. House, representing California's 11th Congressional District. She assumed office on January 3, 2023. Her current term ends on January 3, 2027. Pelosi (Democratic Party) is running for re-election to the U.S. House to represent California's 11th Congressional District. She declared candidacy for the 2026 election.[source] Pelosi is the first and only woman to serve as speaker of the House. Pelosi was first elected to the U.S. House in a special election in 1987 to represent California's 5th Congressional District, which she represented until her election to California's 8th Congressional District in 2012. In 2002, she was elected minority leader, becoming the highest-ranking congresswoman of either party in U.S. history. When Democrats took control of the House in 2007, Pelosi made history again with her election as speaker of the House. Pelosi was re-elected speaker of the House in 2019, following the 2018 midterm elections. She served in that role until January 3, 2023. Notable legislation passed during her speakership includes the Affordable Care Act, the American Recovery and Reinvestment Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Lilly Ledbetter Fair Pay Act, and the Don't Ask, Don't Tell Repeal Act. Pelosi is also a prominent Democratic fundraiser, raising more than $700 million for the Democratic Party since becoming a party leader in 2002. Nancy Pelosi was born in Baltimore, Maryland. Pelosi graduated from the Institute of Notre Dame in 1958. She earned a bachelor's degree from Trinity College in 1962. Pelosi served as the chair of the California State Democratic Party and the finance chairwoman of the Democratic Senatorial Campaign Committee.

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.