Bell Bank Buys 5,849 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bell Bank raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,647 shares of the semiconductor manufacturer's stock after purchasing an additional 5,849 shares during the quarter. Bell Bank's holdings in Broadcom were worth $3,122,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. SlateStone Wealth LLC boosted its stake in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC boosted its stake in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the period. DT Investment Partners LLC boosted its stake in Broadcom by 0.9% in the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer's stock valued at $1,251,000 after purchasing an additional 50 shares during the period. Bfsg LLC boosted its stake in Broadcom by 12.5% in the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock valued at $105,000 after purchasing an additional 50 shares during the period. Finally, Global Strategic Investment Solutions LLC boosted its stake in Broadcom by 1.5% in the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 0.8%

Shares of AVGO stock traded up $1.89 on Wednesday, hitting $251.26. The stock had a trading volume of 30,405,545 shares, compared to its average volume of 29,855,913. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a 50 day moving average of $216.21 and a 200 day moving average of $210.74. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The stock has a market cap of $1.18 trillion, a price-to-earnings ratio of 94.10, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 analyst estimates of $14.98 billion. During the same quarter last year, the business posted $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

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

Insider Activity

In other Broadcom 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 value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock valued at $163,760,949 in the last ninety days. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent research reports. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $276.09.

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.