New Millennium Group LLC Has $5.48 Million Position in Broadcom Inc. (NASDAQ:AVGO)

New Millennium Group LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,712 shares of the semiconductor manufacturer's stock after selling 6,626 shares during the period. Broadcom comprises 3.6% of New Millennium Group LLC's portfolio, making the stock its 8th biggest holding. New Millennium Group LLC's holdings in Broadcom were worth $5,477,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at about $30,000. Sellwood Investment Partners LLC acquired a new position in Broadcom during the 4th quarter worth about $32,000. Finally, Bellevue Asset Management LLC bought a new stake in Broadcom during the fourth quarter valued at $33,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 1.8%

Shares of Broadcom stock traded up $4.90 during trading on Thursday, reaching $274.80. 5,311,096 shares of the company were exchanged, compared to its average volume of 28,667,494. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.99, a P/E/G ratio of 1.88 and a beta of 1.12. The business has a 50-day moving average price of $235.38 and a 200-day moving average price of $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom declared that its board has initiated a share buyback 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 often an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have commented on AVGO shares. Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Citigroup lifted their target price on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $281.46.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Company 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.