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Choreo LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Choreo LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 148,645 shares of the semiconductor manufacturer's stock after purchasing an additional 9,477 shares during the period. Choreo LLC's holdings in Broadcom were worth $24,900,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

AVGO has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. KeyCorp boosted their target price on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Finally, Benchmark boosted their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $292.08.

View Our Latest Research Report on AVGO

Broadcom Trading Down 3.1%

Shares of NASDAQ AVGO traded down $8.92 during midday trading on Tuesday, hitting $279.29. The company's stock had a trading volume of 4,765,798 shares, compared to its average volume of 27,290,352. The business's 50 day moving average is $254.41 and its two-hundred day moving average is $220.17. The firm has a market cap of $1.31 trillion, a P/E ratio of 104.45, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $290.54. 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 (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, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business posted $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared 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 was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.84%. Broadcom's dividend payout ratio is presently 88.39%.

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

Insiders Place Their Bets

In related news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 50,000 shares of the business's 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 transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock worth $217,224,641. Insiders own 2.00% of the company's stock.

Broadcom Company Profile

(Free Report)

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.

Further Reading

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).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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.

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