Davidson Investment Advisors Purchases 3,969 Shares of Broadcom Inc. (NASDAQ:AVGO)

Davidson Investment Advisors grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,055 shares of the semiconductor manufacturer's stock after purchasing an additional 3,969 shares during the quarter. Broadcom makes up about 1.2% of Davidson Investment Advisors' portfolio, making the stock its 29th biggest holding. Davidson Investment Advisors' holdings in Broadcom were worth $23,449,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVGO. Vanguard Group Inc. increased its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC raised its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp raised its holdings in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AVGO shares. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Morgan Stanley increased their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Bank of America raised their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $282.71.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value 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 approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

Shares of AVGO traded up $0.37 during mid-day trading on Tuesday, reaching $274.55. The company's stock had a trading volume of 5,195,340 shares, compared to its average volume of 28,436,400. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The stock has a market cap of $1.29 trillion, a P/E ratio of 102.78, a PEG ratio of 1.96 and a beta of 1.12. The business has a 50-day simple moving average of $240.40 and a two-hundred day simple moving average of $217.54. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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 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 previous year, the firm earned $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has initiated a stock repurchase 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board of directors believes its stock is undervalued.

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.