TruNorth Capital Management LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,953.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,232 shares of the semiconductor manufacturer's stock after buying an additional 1,172 shares during the quarter. TruNorth Capital Management LLC's holdings in Broadcom were worth $206,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 last quarter. FMR LLC raised its stake in Broadcom by 3.2% in the 4th 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 last quarter. Norges Bank acquired a new position in Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp raised its stake in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Stock Performance
NASDAQ AVGO opened at $274.38 on Friday. The stock has a market cap of $1.29 trillion, a PE ratio of 102.76, a P/E/G ratio of 1.95 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. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $281.18. The stock has a fifty day simple moving average of $246.70 and a 200-day simple moving average of $218.72.
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, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the business posted $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.
Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.
Analysts Set New Price Targets
Several research analysts recently commented on the company. Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. upped their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. One investment 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 stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus price target of $290.21.
Check Out Our Latest Stock Analysis on AVGO
Insider Activity at Broadcom
In related news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock worth $216,933,761 over the last ninety days. Company insiders own 2.00% of the company's stock.
Broadcom Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).
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