Cerity Partners LLC Has $478.35 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Cerity Partners LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 49.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,857,017 shares of the semiconductor manufacturer's stock after acquiring an additional 948,087 shares during the quarter. Broadcom comprises 1.0% of Cerity Partners LLC's portfolio, making the stock its 17th largest position. Cerity Partners LLC owned approximately 0.06% of Broadcom worth $478,350,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. SlateStone Wealth LLC increased its stake in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC increased its position in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares in the last quarter. Samalin Investment Counsel LLC raised its stake in Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after buying an additional 50 shares during the period. Mizuho Bank Ltd. raised its stake in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after buying an additional 50 shares during the period. Finally, First Bank & Trust lifted its holdings in Broadcom by 1.9% during the first quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after acquiring an additional 55 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock worth $216,933,761 in the last three months. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a report on Tuesday, June 24th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus target price of $290.21.

Broadcom Stock Down 0.4%

Shares of Broadcom stock traded down $1.02 on Friday, reaching $274.38. 14,264,387 shares of the company were exchanged, compared to its average volume of 28,130,551. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The company has a 50-day moving average of $245.29 and a 200 day moving average of $218.63.

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

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's payout ratio is 88.39%.

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.