Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Archer Investment Corp

Archer Investment Corp raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,717 shares of the semiconductor manufacturer's stock after purchasing an additional 2,602 shares during the quarter. Broadcom comprises about 0.8% of Archer Investment Corp's investment portfolio, making the stock its 25th biggest position. Archer Investment Corp's holdings in Broadcom were worth $2,966,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the stock. Jackson Creek Investment Advisors LLC acquired a new position in Broadcom in the first quarter valued at approximately $262,000. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Broadcom by 41.9% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 216,338 shares of the semiconductor manufacturer's stock valued at $36,221,000 after buying an additional 63,924 shares in the last quarter. Ring Mountain Capital LLC increased its holdings in shares of Broadcom by 0.9% in the first quarter. Ring Mountain Capital LLC now owns 17,605 shares of the semiconductor manufacturer's stock valued at $2,948,000 after buying an additional 151 shares in the last quarter. Gradient Capital Advisors LLC increased its holdings in shares of Broadcom by 3.6% in the first quarter. Gradient Capital Advisors LLC now owns 9,700 shares of the semiconductor manufacturer's stock valued at $1,624,000 after buying an additional 340 shares in the last quarter. Finally, Carson Advisory Inc. increased its holdings in shares of Broadcom by 35.1% in the first quarter. Carson Advisory Inc. now owns 1,984 shares of the semiconductor manufacturer's stock valued at $332,000 after buying an additional 515 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $3.62 during mid-day trading on Friday, hitting $282.83. The company had a trading volume of 4,117,159 shares, compared to its average volume of 27,811,657. 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 business's 50-day simple moving average is $252.91 and its 200-day simple moving average is $219.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $288.28. The firm has a market cap of $1.33 trillion, a P/E ratio of 106.21, a PEG ratio of 2.00 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AVGO shares. KeyCorp upped their price target on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Oppenheimer boosted their target price on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday. Finally, Citigroup boosted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $292.08.

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.

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