Dock Street Asset Management Inc. Purchases New Position in Broadcom Inc. (NASDAQ:AVGO)

Dock Street Asset Management Inc. purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 73,295 shares of the semiconductor manufacturer's stock, valued at approximately $12,272,000. Broadcom makes up approximately 1.4% of Dock Street Asset Management Inc.'s portfolio, making the stock its 20th biggest position.

A number of other large investors have also modified their holdings of the business. Hughes Financial Services LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $158,000. Schear Investment Advisers LLC grew its holdings in Broadcom by 11.0% in the first quarter. Schear Investment Advisers LLC now owns 45,086 shares of the semiconductor manufacturer's stock valued at $7,549,000 after purchasing an additional 4,472 shares during the period. Iron Horse Wealth Management LLC increased its position in shares of Broadcom by 50.9% in the first quarter. Iron Horse Wealth Management LLC now owns 427 shares of the semiconductor manufacturer's stock valued at $71,000 after buying an additional 144 shares in the last quarter. TruNorth Capital Management LLC increased its position in shares of Broadcom by 1,953.3% in the first quarter. TruNorth Capital Management LLC now owns 1,232 shares of the semiconductor manufacturer's stock valued at $206,000 after buying an additional 1,172 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in shares of Broadcom by 0.4% during the 1st quarter. Louisiana State Employees Retirement System now owns 482,300 shares of the semiconductor manufacturer's stock worth $80,751,000 after buying an additional 1,800 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 829,716 shares of company stock valued at $216,933,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.4%

Shares of AVGO stock traded down $1.02 on Friday, hitting $274.38. The stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,121,225. The company's 50 day moving average price is $246.70 and its 200-day moving average price is $218.72. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results 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 net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Mizuho upped their price objective on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $290.21.

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.