Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Metis Global Partners LLC

Key Points

• Metis Global Partners LLC increased its holdings in Broadcom by 11.2% during the first quarter, now owning approximately 289,336 shares, valued at about $48.4 million.
• Analysts have shown confidence in Broadcom by raising their price targets; for instance, Evercore ISI increased its target from $267.00 to $304.00, while HSBC upgraded its rating to "buy" with a target of $400.00.
• Broadcom announced a quarterly dividend of $0.59 per share and has initiated a stock repurchase plan to buy back up to $10 billion worth of shares, indicating belief in the stock's undervaluation.

Metis Global Partners LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 289,336 shares of the semiconductor manufacturer's stock after acquiring an additional 29,098 shares during the period. Broadcom makes up approximately 1.4% of Metis Global Partners LLC's portfolio, making the stock its 11th biggest holding. Metis Global Partners LLC's holdings in Broadcom were worth $48,444,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC raised its stake in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of research reports. Evercore ISI reissued an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Finally, Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One 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 has an average rating of "Buy" and a consensus price target of $292.08.

Broadcom Price Performance

AVGO stock opened at $290.18 on Friday. The company has a market cap of $1.36 trillion, a PE ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a 50-day moving average price of $260.05 and a two-hundred day moving average price of $222.13. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $292.59.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $10.96 EPS. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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 paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.81%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the transaction, the director owned 24,582 shares in the company, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by corporate insiders.

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.

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