Boston Family Office LLC Raises Position in Broadcom Inc. $AVGO

Key Points

• Boston Family Office LLC increased its stake in Broadcom Inc. by 77.9%, bringing its total holdings to 2,402 shares valued at approximately $402,000.
• Broadcom's latest quarterly earnings showed an EPS of $1.58, slightly surpassing estimates, with a revenue of $15 billion, representing a year-over-year increase of 20.2%.
• The company announced a quarterly dividend of $0.59 per share, reflecting an annualized yield of 0.8% and a payout ratio of 88.39%.

Boston Family Office LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 77.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,402 shares of the semiconductor manufacturer's stock after acquiring an additional 1,052 shares during the quarter. Boston Family Office LLC's holdings in Broadcom were worth $402,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. Vanguard Group Inc. grew its position in Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after acquiring an additional 2,085,534 shares in the last quarter. Northern Trust Corp grew its position in Broadcom by 12.0% in 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 grew its position in 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 acquiring an additional 15,171,849 shares in the last quarter. Nuveen LLC purchased a new position in shares of Broadcom during the first quarter valued at approximately $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of 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 buying an additional 581,704 shares during the period. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley set a $338.00 target price on Broadcom and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Citigroup boosted their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Susquehanna boosted their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $295.96.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock valued at $217,286,457. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO traded down $0.58 during mid-day trading on Monday, hitting $305.76. The company's stock had a trading volume of 14,705,522 shares, compared to its average volume of 17,400,806. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. 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 stock has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.52, a PEG ratio of 2.18 and a beta of 1.15. The business's fifty day moving average is $279.50 and its two-hundred day moving average is $230.48.

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

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's payout ratio is 88.39%.

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.