Castellan Group Has $4.19 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Castellan Group increased its stake in Broadcom Inc. by 95.7%, holding 25,018 shares valued at approximately $4.19 million following the purchase of 12,237 additional shares.
• Broadcom's stock is currently trading at $293.70 and has received several upgrades from analysts, including a target price increase from $255.00 to $315.00 by Benchmark.
• In recent insider trades, Director Henry Samueli sold 473,898 shares for over $125 million, indicating a decrease in his ownership of the company.

Castellan Group lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 95.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,018 shares of the semiconductor manufacturer's stock after acquiring an additional 12,237 shares during the quarter. Castellan Group's holdings in Broadcom were worth $4,189,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC increased its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE increased its holdings in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Broadcom by 170.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,525,614 shares of the semiconductor manufacturer's stock valued at $585,538,000 after acquiring an additional 1,590,203 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the company'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 sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents 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 at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVGO. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Finally, Citigroup boosted their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of "Buy" and an average target price of $294.92.

Broadcom Stock Down 1.7%

NASDAQ AVGO traded down $5.06 during trading hours on Friday, hitting $288.64. 21,405,316 shares of the company traded hands, compared to its average volume of 15,995,794. The business's 50-day moving average is $266.56 and its 200-day moving average is $224.55. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.10, a P/E/G ratio of 2.09 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given 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 0.8%. Broadcom's dividend payout ratio is 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.