Broadcom Inc. (NASDAQ:AVGO) is Kennedy Investment Group's 5th Largest Position

Kennedy Investment Group raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 53,824 shares of the semiconductor manufacturer's stock after acquiring an additional 2,262 shares during the period. Broadcom makes up about 4.2% of Kennedy Investment Group's holdings, making the stock its 5th largest position. Kennedy Investment Group's holdings in Broadcom were worth $9,012,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at $30,000. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

NASDAQ:AVGO traded up $10.00 on Tuesday, reaching $263.77. 32,724,001 shares of the company's stock traded hands, compared to its average volume of 29,327,658. The stock has a 50-day simple moving average of $221.98 and a 200-day simple moving average of $213.28. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.58. The firm has a market cap of $1.24 trillion, a PE ratio of 98.79, a P/E/G ratio of 1.81 and a beta of 1.11. 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 (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results 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 net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 EPS. The business's quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. Broadcom's payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on AVGO shares. KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Susquehanna boosted their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $281.25.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer now directly owns 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 875,444 shares of company stock worth $172,097,492 in the last three months. Insiders own 2.00% of the company's stock.

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.