Hughes Financial Services LLC Invests $158,000 in Broadcom Inc. (NASDAQ:AVGO)

Hughes Financial Services LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 936 shares of the semiconductor manufacturer's stock, valued at approximately $158,000.

A number of other hedge funds also recently made changes to their positions in the stock. SlateStone Wealth LLC raised its holdings in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC raised its holdings in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares in the last quarter. Samalin Investment Counsel LLC raised its holdings in Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares in the last quarter. Mizuho Bank Ltd. raised its holdings in Broadcom by 7.1% in the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC raised its holdings in Broadcom by 2.4% in the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction 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 trade represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock worth $216,933,761 in the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO stock traded down $1.02 during midday trading on Friday, reaching $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 fifty day simple moving average is $246.70 and its 200 day simple moving average is $218.72. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18.

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

Broadcom declared that its board has approved a stock repurchase 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 buy up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. Oppenheimer upped their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $290.21.

About Broadcom

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.