Alta Capital Management LLC Has $35.77 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Alta Capital Management LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 210.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 213,612 shares of the semiconductor manufacturer's stock after buying an additional 144,834 shares during the quarter. Broadcom makes up about 2.3% of Alta Capital Management LLC's investment portfolio, making the stock its 18th largest holding. Alta Capital Management LLC's holdings in Broadcom were worth $35,765,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in AVGO. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC lifted its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $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 Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its holdings in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO traded down $1.27 on Friday, reaching $249.99. 42,100,140 shares of the stock traded hands, compared to its average volume of 29,751,835. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a P/E/G ratio of 1.79 and a beta of 1.11. 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 12 month low of $128.50 and a 12 month high of $265.43. The stock's 50-day moving average price is $220.48 and its 200-day moving average price is $212.17.

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

Broadcom announced that its Board of Directors has authorized a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom 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 now owns 789,784 shares of the company's stock, valued at approximately $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 849,134 shares of company stock worth $163,760,949 over the last three months. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AVGO shares. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Citigroup boosted their target price on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and a consensus target price of $276.09.

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.