Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Amalgamated Bank

Amalgamated Bank lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,004,805 shares of the semiconductor manufacturer's stock after purchasing an additional 27,762 shares during the quarter. Broadcom makes up about 1.4% of Amalgamated Bank's holdings, making the stock its 8th biggest position. Amalgamated Bank's holdings in Broadcom were worth $168,235,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of AVGO. Tallon Kerry Patrick bought a new position in shares of Broadcom in the 4th quarter valued at approximately $357,000. LaFleur & Godfrey LLC grew its holdings in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC raised its position 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 purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC lifted its stake in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. Finally, SOA Wealth Advisors LLC. lifted its stake in shares of Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after buying an additional 355 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock traded up $6.30 during trading hours on Monday, hitting $275.65. The company had a trading volume of 24,688,481 shares, compared to its average volume of 28,894,153. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.66. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm's fifty day moving average is $229.43 and its 200 day moving average is $215.75. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.24, a PEG ratio of 1.92 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on AVGO shares. Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Citigroup raised their target price on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $281.25.

Insider Activity

In related news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company's stock.

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.