Panoramic Investment Advisors LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Panoramic Investment Advisors LLC has acquired a new stake in Broadcom Inc., purchasing 2,199 shares valued at approximately $368,000 during the 1st quarter.
• Broadcom's stock has seen substantial institutional investment, with Norges Bank acquiring a stake valued at nearly $16.9 billion in the 4th quarter.
• Analysts maintain a consensus rating of "Buy" for Broadcom, with a target price averaging around $292.08, and have noted significant upgrades from various firms in recent months.

Panoramic Investment Advisors LLC bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,199 shares of the semiconductor manufacturer's stock, valued at approximately $368,000.

Several other hedge funds and other institutional investors have also bought and sold shares of AVGO. Norges Bank bought a new stake in Broadcom during the 4th quarter valued at $16,893,010,000. GAMMA Investing LLC lifted its holdings in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Broadcom by 27.4% during the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock valued at $6,236,011,000 after purchasing an additional 5,783,988 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. KeyCorp raised their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus target price of $292.08.

Broadcom Price Performance

AVGO stock traded up $1.47 during trading on Friday, hitting $290.18. The stock had a trading volume of 12,031,575 shares, compared to its average volume of 17,076,324. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $292.59. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 108.68, a PEG ratio of 2.05 and a beta of 1.12. The company's 50-day moving average price is $260.05 and its two-hundred day moving average price is $222.18.

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

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company insiders.

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.