Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Mmbg Investment Advisors CO.

Mmbg Investment Advisors CO. raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,816 shares of the semiconductor manufacturer's stock after buying an additional 4,168 shares during the period. Broadcom makes up approximately 0.8% of Mmbg Investment Advisors CO.'s holdings, making the stock its 25th largest holding. Mmbg Investment Advisors CO.'s holdings in Broadcom were worth $7,504,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in AVGO. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Morgan Stanley raised their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $281.25.

Broadcom Stock Down 0.3%

Shares of NASDAQ AVGO opened at $269.35 on Monday. The firm has a market cap of $1.27 trillion, a PE ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $274.30. The company's fifty day simple moving average is $229.43 and its 200 day simple moving average is $215.75. 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 released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.88%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the completion of the sale, the chief executive officer now directly owns 974,152 shares in the company, valued at $255,393,429.84. The trade was a 3.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business'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 transaction of $125,739,356.34. Following the completion of the sale, the director now owns 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 811,716 shares of company stock worth $209,906,771. 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.

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