Birinyi Associates Inc. Has $3.10 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Birinyi Associates Inc. reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,519 shares of the semiconductor manufacturer's stock after selling 3,998 shares during the period. Broadcom makes up approximately 1.0% of Birinyi Associates Inc.'s holdings, making the stock its 16th largest holding. Birinyi Associates Inc.'s holdings in Broadcom were worth $3,101,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. True Wealth Design LLC grew its stake in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the period. Samalin Investment Counsel LLC lifted its holdings in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after acquiring an additional 50 shares in the last quarter. Mizuho Bank Ltd. lifted its holdings in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares in the last quarter. Fulton Breakefield Broenniman LLC lifted its holdings in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares in the last quarter. Finally, American Financial Advisors LLC lifted its holdings in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after acquiring an additional 52 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company lifted 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $292.08.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded down $3.11 on Friday, hitting $283.34. The stock had a trading volume of 15,006,524 shares, compared to its average volume of 27,818,679. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $288.28. The business's 50 day moving average is $254.41 and its two-hundred day moving average is $220.25. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12.

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

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

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.