Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Washburn Capital Management Inc.

Washburn Capital Management Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 55.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,439 shares of the semiconductor manufacturer's stock after acquiring an additional 1,948 shares during the period. Broadcom accounts for approximately 0.5% of Washburn Capital Management Inc.'s investment portfolio, making the stock its 23rd biggest holding. Washburn Capital Management Inc.'s holdings in Broadcom were worth $911,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its stake 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 buying an additional 6,573,204 shares during the period. Geode Capital Management LLC boosted its stake in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC boosted its stake in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank acquired a new stake in shares of Broadcom during the fourth quarter worth about $16,893,010,000. Finally, Northern Trust Corp lifted its holdings 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 purchasing an additional 5,258,925 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock traded down $4.20 during trading hours on Friday, reaching $282.25. 6,260,188 shares of the company's stock were exchanged, compared to its average volume of 27,473,006. The business has a fifty day moving average price of $252.91 and a 200-day moving average price of $219.98. 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 fifty-two week low of $128.50 and a fifty-two week high of $288.28. The stock has a market capitalization of $1.33 trillion, a P/E ratio of 105.76, a P/E/G ratio of 2.00 and a beta of 1.12.

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 analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.84%. Broadcom's dividend payout ratio is presently 88.39%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction 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 completion of the transaction, the insider directly owned 415,956 shares of the company's stock, 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. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AVGO. Mizuho increased their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday. Oppenheimer raised their price target on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday. Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Evercore ISI restated an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom presently has a consensus rating of "Buy" and an average target price of $292.08.

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.

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