Broadcom Inc. (NASDAQ:AVGO) is Carmel Capital Management L.L.C.'s 2nd Largest Position

Carmel Capital Management L.L.C. decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,730 shares of the semiconductor manufacturer's stock after selling 11,845 shares during the period. Broadcom comprises approximately 10.6% of Carmel Capital Management L.L.C.'s portfolio, making the stock its 2nd largest position. Carmel Capital Management L.L.C.'s holdings in Broadcom were worth $26,074,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AVGO. Spear Holdings RSC Ltd purchased a new position in shares of Broadcom in the 1st quarter valued at about $66,748,000. Silver Oak Securities Incorporated boosted its holdings in Broadcom by 2.7% in the first quarter. Silver Oak Securities Incorporated now owns 25,914 shares of the semiconductor manufacturer's stock valued at $4,383,000 after purchasing an additional 678 shares in the last quarter. Calamos Wealth Management LLC boosted its holdings in Broadcom by 4.8% in the first quarter. Calamos Wealth Management LLC now owns 172,751 shares of the semiconductor manufacturer's stock valued at $28,924,000 after purchasing an additional 7,887 shares in the last quarter. Sitrin Capital Management LLC purchased a new position in Broadcom in the first quarter valued at approximately $3,663,000. Finally, Goelzer Investment Management Inc. raised its holdings in Broadcom by 45.2% during the first quarter. Goelzer Investment Management Inc. now owns 90,916 shares of the semiconductor manufacturer's stock worth $15,222,000 after purchasing an additional 28,322 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on AVGO. Rosenblatt Securities upped their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating 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 company an "equal weight" rating in a research note on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $281.46.

Broadcom Stock Performance

Shares of Broadcom stock traded up $4.97 during trading hours on Friday, hitting $274.87. 10,592,655 shares of the company were exchanged, compared to its average volume of 28,575,138. Broadcom Inc. has a 1 year low of $128.50 and a 1 year 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 business has a 50-day moving average of $238.77 and a 200-day moving average of $217.17. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend 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 stock buyback program 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 programs are usually a sign that the company's board believes its stock is undervalued.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last three months. Insiders own 2.00% of the company's stock.

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.