BayBridge Capital Group LLC Has $1.46 Million Position in Broadcom Inc. (NASDAQ:AVGO)

BayBridge Capital Group LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 178.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,746 shares of the semiconductor manufacturer's stock after purchasing an additional 5,603 shares during the quarter. BayBridge Capital Group LLC's holdings in Broadcom were worth $1,464,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AVGO. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Oppenheimer upped their price objective on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $276.09.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 848,334 shares of company stock valued at $163,560,669 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Broadcom stock traded up $1.89 during midday trading on Wednesday, reaching $251.26. 27,084,590 shares of the company's stock were exchanged, compared to its average volume of 30,077,428. The stock's 50-day simple moving average is $216.21 and its 200 day simple moving average is $210.74. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 earnings per share. On average, analysts expect 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. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

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.