BluePointe Capital Management LLC Buys 6,448 Shares of Broadcom Inc. (NASDAQ:AVGO)

BluePointe Capital Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 109.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,353 shares of the semiconductor manufacturer's stock after acquiring an additional 6,448 shares during the quarter. BluePointe Capital Management LLC's holdings in Broadcom were worth $2,068,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC increased its stake in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 46.9% in the fourth 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 buying an additional 15,171,849 shares during the period. GQG Partners LLC increased its stake in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO opened at $275.60 on Tuesday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. The business's fifty day moving average is $248.20 and its 200 day moving average is $218.77. 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 $1.30 trillion, a P/E ratio of 103.22, a P/E/G ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the business earned $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock 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 management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were 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 in the company, valued at approximately $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 sold 828,916 shares of company stock worth $216,785,761 over the last quarter. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Citigroup increased their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. The Goldman Sachs Group started coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 target price for the company. Finally, UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $290.21.

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.

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