Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Sovran Advisors LLC

Sovran Advisors LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 61.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,146 shares of the semiconductor manufacturer's stock after purchasing an additional 4,233 shares during the quarter. Sovran Advisors LLC's holdings in Broadcom were worth $1,906,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Joel Isaacson & Co. LLC raised its holdings in Broadcom by 4.9% in the first quarter. Joel Isaacson & Co. LLC now owns 11,941 shares of the semiconductor manufacturer's stock valued at $1,999,000 after buying an additional 556 shares during the period. Wall Street Financial Group Inc. grew its stake in Broadcom by 33.6% during the first quarter. Wall Street Financial Group Inc. now owns 1,828 shares of the semiconductor manufacturer's stock worth $306,000 after buying an additional 460 shares during the period. Aljian Capital Management LLC increased its position in shares of Broadcom by 6.7% in the first quarter. Aljian Capital Management LLC now owns 24,065 shares of the semiconductor manufacturer's stock worth $4,029,000 after acquiring an additional 1,512 shares in the last quarter. Convergence Financial LLC raised its stake in shares of Broadcom by 2.3% in the 1st quarter. Convergence Financial LLC now owns 27,621 shares of the semiconductor manufacturer's stock valued at $4,625,000 after acquiring an additional 621 shares during the period. Finally, Guardian Asset Advisors LLC purchased a new position in shares of Broadcom in the 1st quarter valued at $206,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on AVGO shares. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Mizuho upped their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Benchmark increased their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average price target of $281.25.

Broadcom Stock Performance

Shares of Broadcom stock opened at $269.35 on Monday. 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 1 year low of $128.50 and a 1 year high of $274.15. The firm's 50-day simple moving average is $229.43 and its 200-day simple moving average is $215.75. The firm has a market cap of $1.27 trillion, a PE ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the firm posted $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has initiated a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire 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.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 811,716 shares of company stock worth $209,906,771 over the last ninety days. 2.00% of the stock is owned by insiders.

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.

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