Benin Management CORP Takes $538,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Benin Management CORP acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,216 shares of the semiconductor manufacturer's stock, valued at approximately $538,000.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Norges Bank bought a new stake in shares of Broadcom in the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC raised its position in shares of 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 acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Broadcom by 1.4% during 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 owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVGO shares. 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. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Susquehanna increased their price target on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research note on Thursday, May 29th. Finally, Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $246.00.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $1.15 during trading hours on Thursday, reaching $259.93. The stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,753. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market cap of $1.22 trillion, a price-to-earnings ratio of 212.02, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The business's fifty day moving average is $200.31 and its two-hundred day moving average is $205.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share for the quarter, missing analysts' consensus estimates of $1.57 by ($0.24). Broadcom had a net margin of 11.43% and a return on equity of 28.00%. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.91%. Broadcom's dividend payout ratio is currently 113.46%.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

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.