Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Arjuna Capital

Arjuna Capital raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,148 shares of the semiconductor manufacturer's stock after acquiring an additional 3,108 shares during the quarter. Broadcom makes up about 1.2% of Arjuna Capital's portfolio, making the stock its 23rd biggest position. Arjuna Capital's holdings in Broadcom were worth $4,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Headlands Technologies LLC bought a new stake in Broadcom during the 1st quarter valued at $9,600,000. Blue Barn Wealth LLC boosted its position in shares of Broadcom by 23.2% in the 1st quarter. Blue Barn Wealth LLC now owns 1,666 shares of the semiconductor manufacturer's stock worth $279,000 after purchasing an additional 314 shares in the last quarter. Waycross Partners LLC boosted its position in shares of Broadcom by 8,664.0% in the 1st quarter. Waycross Partners LLC now owns 131,460 shares of the semiconductor manufacturer's stock worth $22,010,000 after purchasing an additional 129,960 shares in the last quarter. Altfest L J & Co. Inc. boosted its position in shares of Broadcom by 38.2% in the 1st quarter. Altfest L J & Co. Inc. now owns 15,450 shares of the semiconductor manufacturer's stock worth $2,587,000 after purchasing an additional 4,272 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Broadcom by 36.9% in the 1st quarter. Deutsche Bank AG now owns 15,758,895 shares of the semiconductor manufacturer's stock worth $2,638,512,000 after purchasing an additional 4,245,345 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AVGO shares. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. raised their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and an average price target of $290.21.

Broadcom Price Performance

Shares of Broadcom stock traded down $1.02 on Friday, reaching $274.38. The company's stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,121,225. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a PEG 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. The stock has a 50-day moving average price of $246.70 and a 200-day moving average price of $218.72. 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 issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping 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 firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors 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 of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has authorized a share buyback 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 reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insider Activity

In related news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $216,933,761 in the last three months. Company insiders own 2.00% of the company's stock.

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.