Broadcom Inc. (NASDAQ:AVGO) is Schear Investment Advisers LLC's 3rd Largest Position

Schear Investment Advisers LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,086 shares of the semiconductor manufacturer's stock after purchasing an additional 4,472 shares during the quarter. Broadcom makes up 4.3% of Schear Investment Advisers LLC's holdings, making the stock its 3rd biggest holding. Schear Investment Advisers LLC's holdings in Broadcom were worth $7,549,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in AVGO. Norges Bank acquired a new stake in shares of Broadcom during the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC raised 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 worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised 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 worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its position in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock traded down $1.02 during midday trading on Friday, hitting $274.38. The company's stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,121,225. The stock's 50-day moving average price is $246.70 and its 200 day moving average price is $218.72. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 analysts' expectations of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was 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 $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. KeyCorp lifted their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Cantor Fitzgerald reiterated an "overweight" rating and issued 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. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. One 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $290.21.

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.