Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Bleakley Financial Group LLC

Bleakley Financial Group LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,120 shares of the semiconductor manufacturer's stock after acquiring an additional 13,682 shares during the quarter. Broadcom makes up about 0.8% of Bleakley Financial Group LLC's investment portfolio, making the stock its 24th largest position. Bleakley Financial Group LLC's holdings in Broadcom were worth $26,307,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its holdings in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Diversify Wealth Management LLC raised its holdings in Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock worth $6,365,000 after purchasing an additional 2,016 shares in the last quarter. OMNI 360 Wealth Inc. raised its holdings in Broadcom by 51.6% in the first quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock worth $499,000 after purchasing an additional 1,014 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its holdings in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after purchasing an additional 86,884 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AVGO. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $292.08.

Broadcom Stock Performance

NASDAQ AVGO traded up $5.64 during trading hours on Thursday, reaching $286.45. The stock had a trading volume of 17,207,181 shares, compared to its average volume of 27,903,327. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28. The stock has a fifty day moving average of $252.91 and a 200 day moving average of $219.98. The stock has a market cap of $1.35 trillion, a P/E ratio of 107.28, a price-to-earnings-growth 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 EPS 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 analyst estimates of $14.98 billion. During the same quarter in the prior year, the firm posted $10.96 EPS. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy 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.

Broadcom Announces Dividend

The business 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 of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.82%. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom 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.