Alpha Cubed Investments LLC Buys 11,199 Shares of Broadcom Inc. (NASDAQ:AVGO)

Alpha Cubed Investments LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 66.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 27,966 shares of the semiconductor manufacturer's stock after purchasing an additional 11,199 shares during the quarter. Alpha Cubed Investments LLC's holdings in Broadcom were worth $4,682,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Horst & Graben Wealth Management LLC increased its stake in Broadcom by 45.8% in the first quarter. Horst & Graben Wealth Management LLC now owns 4,873 shares of the semiconductor manufacturer's stock valued at $816,000 after acquiring an additional 1,530 shares during the period. Davidson Investment Advisors lifted its position in shares of Broadcom by 2.9% during the first quarter. Davidson Investment Advisors now owns 140,055 shares of the semiconductor manufacturer's stock worth $23,449,000 after purchasing an additional 3,969 shares in the last quarter. Family Capital Management Inc. lifted its position in shares of Broadcom by 39.8% during the first quarter. Family Capital Management Inc. now owns 3,962 shares of the semiconductor manufacturer's stock worth $663,000 after purchasing an additional 1,127 shares in the last quarter. EULAV Asset Management raised its stake in shares of Broadcom by 115.1% during the first quarter. EULAV Asset Management now owns 71,017 shares of the semiconductor manufacturer's stock worth $11,890,000 after buying an additional 38,006 shares during the last quarter. Finally, Interchange Capital Partners LLC raised its stake in shares of Broadcom by 11.3% during the first quarter. Interchange Capital Partners LLC now owns 8,352 shares of the semiconductor manufacturer's stock worth $1,398,000 after buying an additional 850 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on AVGO. Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $282.71.

Broadcom Price Performance

NASDAQ:AVGO traded up $0.48 on Tuesday, hitting $274.66. The company had a trading volume of 5,195,340 shares, compared to its average volume of 28,436,400. The firm has a 50 day moving average of $240.40 and a two-hundred day moving average of $217.54. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.78, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Insider Activity

In other news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider owned 415,956 shares of the company's stock, valued at $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 three months, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by insiders.

Broadcom 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.