Brio Consultants LLC Acquires 3,279 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Brio Consultants LLC significantly increased its stake in Broadcom Inc. by 188.0%, owning 5,023 shares valued at $841,000 after acquiring 3,279 additional shares during the 1st quarter.
• Several hedge funds, including GAMMA Investing LLC, made substantial purchases of Broadcom shares, with GAMMA increasing its holdings by an astounding 18,179.3%, now owning over 17 million shares valued at nearly $2.9 billion.
• Broadcom's quarterly earnings report showed earnings of $1.58 per share, exceeding expectations, and the company is currently engaged in a $10 billion share buyback plan, indicating management's belief that the stock is undervalued.

Brio Consultants LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 188.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,023 shares of the semiconductor manufacturer's stock after purchasing an additional 3,279 shares during the period. Brio Consultants LLC's holdings in Broadcom were worth $841,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. GAMMA Investing LLC increased its position in shares of Broadcom by 18,179.3% during 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 acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 46.9% during 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 acquiring an additional 15,171,849 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Broadcom by 27.4% during the fourth quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock valued at $6,236,011,000 after acquiring an additional 5,783,988 shares in the last quarter. Northern Trust Corp increased its position in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Broadcom by 609.4% during the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after acquiring an additional 3,762,034 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 473,898 shares of Broadcom 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 sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last 90 days. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

NASDAQ AVGO traded down $9.03 on Thursday, reaching $293.60. The company had a trading volume of 11,477,760 shares, compared to its average volume of 26,821,340. 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 capitalization of $1.38 trillion, a PE ratio of 110.04, a price-to-earnings-growth ratio of 2.12 and a beta of 1.12. The firm's 50 day moving average price is $264.10 and its 200 day moving average price is $223.64. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.80%. Broadcom's dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, UBS Group raised their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $294.92.

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.