Thurston Springer Miller Herd & Titak Inc. Buys 7,317 Shares of Broadcom Inc. (NASDAQ:AVGO)

Thurston Springer Miller Herd & Titak Inc. raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,681 shares of the semiconductor manufacturer's stock after acquiring an additional 7,317 shares during the quarter. Broadcom makes up approximately 0.9% of Thurston Springer Miller Herd & Titak Inc.'s investment portfolio, making the stock its 12th largest position. Thurston Springer Miller Herd & Titak Inc.'s holdings in Broadcom were worth $5,639,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC increased its stake in shares of 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 buying an additional 2,873,809 shares during the period. Norges Bank acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp increased its stake in shares of 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 buying an additional 5,258,925 shares during the period. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.4%

Shares of Broadcom stock traded down $1.15 on Thursday, reaching $259.93. 41,745,758 shares of the company's stock were exchanged, compared to its average volume of 30,914,786. The company has a market capitalization of $1.22 trillion, a P/E ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The firm's 50-day moving average is $200.31 and its two-hundred day moving average is $205.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.91%. Broadcom's payout ratio is 113.46%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AVGO shares. Bank of America lowered their price objective on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Benchmark reaffirmed a "buy" rating and issued a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Citigroup increased their target price on shares of Broadcom from $210.00 to $276.00 and gave the company a "buy" rating in a research report on Tuesday. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Truist Financial increased their target price on shares of Broadcom from $260.00 to $267.00 and gave the company a "buy" rating in a research report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $246.00.

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.