Canton Hathaway LLC Acquires 15,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Canton Hathaway LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13,636.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,110 shares of the semiconductor manufacturer's stock after purchasing an additional 15,000 shares during the period. Broadcom comprises 0.5% of Canton Hathaway LLC's investment portfolio, making the stock its 23rd largest holding. Canton Hathaway LLC's holdings in Broadcom were worth $2,530,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $33,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. Citigroup boosted their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $276.09.

Broadcom Trading Down 0.5%

NASDAQ AVGO opened at $249.99 on Friday. The company has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a P/E/G ratio of 1.78 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 business has a 50 day moving average price of $220.48 and a 200-day moving average price of $212.46. 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 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared 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 of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is owned by corporate insiders.

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.

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