Mitchell Sinkler & Starr PA Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Mitchell Sinkler & Starr PA increased its holdings in Broadcom Inc. by 25.4% in the 1st quarter, bringing its total shares to 6,820 valued at approximately $1.14 million.
• Multiple hedge funds have significantly increased their positions in Broadcom, with GAMMA Investing LLC boosting theirs by an astounding 18,179.3%, now holding over $2.89 billion worth of shares.
• Broadcom's earnings report showed a quarterly revenue of $15 billion, exceeding analysts' expectations, and the company is currently subject to numerous positive ratings from equities analysts, indicating strong investor confidence.

Mitchell Sinkler & Starr PA raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,820 shares of the semiconductor manufacturer's stock after acquiring an additional 1,380 shares during the period. Mitchell Sinkler & Starr PA's holdings in Broadcom were worth $1,142,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC grew its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Northern Trust Corp lifted 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 worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Broadcom by 46.9% in 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 buying an additional 15,171,849 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Broadcom by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock valued at $7,975,616,000 after purchasing an additional 581,704 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $3.01 during trading hours on Wednesday, reaching $300.43. The stock had a trading volume of 7,393,836 shares, compared to its average volume of 26,865,281. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business's fifty day moving average is $262.64 and its two-hundred day moving average is $223.09. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $302.19. The company has a market cap of $1.41 trillion, a price-to-earnings ratio of 112.50, a PEG ratio of 2.09 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. KeyCorp boosted their price objective on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. UBS Group boosted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Barclays boosted their price objective 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. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued 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 target price of $294.92.

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.