Rossby Financial LCC Has $900,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

Rossby Financial LCC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,374 shares of the semiconductor manufacturer's stock after purchasing an additional 1,682 shares during the period. Rossby Financial LCC's holdings in Broadcom were worth $900,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Summit Trail Advisors LLC lifted its stake in shares of Broadcom by 2.6% during the 1st quarter. Summit Trail Advisors LLC now owns 695,564 shares of the semiconductor manufacturer's stock worth $116,458,000 after purchasing an additional 17,572 shares during the period. Sageworth Trust Co of South Dakota acquired a new stake in Broadcom during the 1st quarter worth approximately $234,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Broadcom by 7.5% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 692,757 shares of the semiconductor manufacturer's stock worth $115,988,000 after purchasing an additional 48,557 shares during the period. Clear Creek Financial Management LLC raised its holdings in shares of Broadcom by 11.2% during the 1st quarter. Clear Creek Financial Management LLC now owns 8,558 shares of the semiconductor manufacturer's stock valued at $1,433,000 after buying an additional 860 shares during the period. Finally, Lincoln Capital Corp lifted its position in shares of Broadcom by 580.5% during the first quarter. Lincoln Capital Corp now owns 19,619 shares of the semiconductor manufacturer's stock worth $3,285,000 after purchasing an additional 16,736 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction dated 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 owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 in the last three months. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

AVGO has been the topic of a number of recent analyst reports. Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Mizuho lifted their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Two equities 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, the company currently has an average rating of "Buy" and a consensus target price of $281.25.

Broadcom Stock Performance

AVGO traded up $5.16 during trading on Wednesday, reaching $269.90. 17,204,582 shares of the company were exchanged, compared to its average volume of 28,774,332. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $233.52 and a 200 day moving average of $216.44. The stock has a market cap of $1.27 trillion, a P/E ratio of 101.09, a PEG ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.96 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has initiated a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's payout ratio is 88.39%.

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.