Altfest L J & Co. Inc. Buys 4,272 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Altfest L J & Co. Inc. increased its ownership in Broadcom Inc. by 38.2%, acquiring an additional 4,272 shares, bringing their total to 15,450 shares valued at approximately $2.59 million.
• Broadcom has received a series of upgrades from multiple analysts, with HSBC upgrading its rating from "hold" to "buy" and setting a target price of $400.00, while the consensus rating is currently "Buy" with an average target price of $294.92.
• The semiconductor company declared a quarterly dividend of $0.59 per share, reflecting an annualized yield of 0.8%, with an 88.39% dividend payout ratio.

Altfest L J & Co. Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 38.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 15,450 shares of the semiconductor manufacturer's stock after buying an additional 4,272 shares during the period. Altfest L J & Co. Inc.'s holdings in Broadcom were worth $2,587,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Brighton Jones LLC raised its stake in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its holdings in shares of 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 purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE raised its position in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares in the last quarter. Finally, FIL Ltd boosted its stake in shares of Broadcom by 2.8% in the fourth quarter. FIL Ltd now owns 608,739 shares of the semiconductor manufacturer's stock valued at $141,130,000 after buying an additional 16,790 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 0.4%

Broadcom stock traded up $1.21 during trading hours on Friday, hitting $304.97. The stock had a trading volume of 12,439,353 shares, compared to its average volume of 17,052,154. The business's 50 day simple moving average is $271.57 and its 200-day simple moving average is $226.37. Broadcom Inc. has a one year low of $134.90 and a one year high of $310.34. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a P/E/G ratio of 2.16 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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 the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the firm posted $10.96 earnings per share. The firm's revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is currently 88.39%.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on AVGO. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One 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 company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $294.92.

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.