Cassia Capital Partners LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Cassia Capital Partners LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 41.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,541 shares of the semiconductor manufacturer's stock after purchasing an additional 1,624 shares during the quarter. Cassia Capital Partners LLC's holdings in Broadcom were worth $928,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 0.5%

Shares of NASDAQ AVGO opened at $249.99 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 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. The stock's 50-day simple moving average is $220.48 and its 200-day simple moving average is $212.46.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. UBS Group lifted their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley boosted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note 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 target on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $276.09.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated 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 sale, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 849,134 shares of company stock valued at $163,760,949. 2.00% of the stock is currently owned by 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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.