Brick & Kyle Associates Buys New Shares in Broadcom Inc. (NASDAQ:AVGO)

Brick & Kyle Associates bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 23,754 shares of the semiconductor manufacturer's stock, valued at approximately $3,891,000. Broadcom accounts for 1.8% of Brick & Kyle Associates' portfolio, making the stock its 24th largest holding.

A number of other institutional investors have also recently bought and sold shares of AVGO. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE boosted its position in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its position in shares of Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after acquiring an additional 6,168 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Up 2.2%

AVGO traded up $6.10 during midday trading on Wednesday, hitting $277.90. The company had a trading volume of 20,105,827 shares, compared to its average volume of 28,408,606. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $279.37. 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 company has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 104.08, a PEG ratio of 1.95 and a beta of 1.12. The stock's 50 day moving average price is $242.02 and its 200 day moving average price is $217.92.

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, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on AVGO. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Oppenheimer raised their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. KeyCorp raised their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday. Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of "Buy" and an average price target of $285.00.

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.