Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Abbot Financial Management Inc.

Key Points

• Abbot Financial Management Inc. significantly increased its holdings in Broadcom Inc. by 70.4%, acquiring an additional 1,946 shares to bring its total to 4,710 shares, valued at approximately $789,000.
• Broadcom recently reported earnings of $1.58 per share for the last quarter, surpassing analysts' expectations, and announced a $10 billion share repurchase program, indicating confidence in its stock valuation.
• The stock has a market capitalization of $1.36 trillion and was recently upgraded by multiple brokerages, with price targets reaching as high as $400.00 according to some reports.

Abbot Financial Management Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 70.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,710 shares of the semiconductor manufacturer's stock after buying an additional 1,946 shares during the period. Abbot Financial Management Inc.'s holdings in Broadcom were worth $789,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of AVGO. Brighton Jones LLC boosted its position in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE boosted its holdings in Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Maridea Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $316,000. Institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVGO. Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Arete Research upgraded shares of Broadcom to a "strong-buy" rating in a research report on Monday. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Finally, Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $294.92.

Insider Activity

In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction 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 transaction, the director owned 24,582 shares of the company's stock, valued at $6,742,842.60. The trade was a 3.15% 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 insiders.

Broadcom Trading Down 3.6%

AVGO traded down $10.95 during trading on Thursday, reaching $291.67. 12,656,300 shares of the company's stock were exchanged, compared to its average volume of 26,828,555. The company's fifty day moving average price is $264.10 and its 200-day moving average price is $223.64. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.37 trillion, a PE ratio of 108.87, a P/E/G ratio of 2.12 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has initiated a share repurchase plan 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 plans are usually an indication that the company's board of directors believes its stock is undervalued.

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.