Connable Office Inc. Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Connable Office Inc. has increased its holdings in Broadcom Inc. by 9.3% after purchasing an additional 1,725 shares, bringing their total ownership to 20,197 shares valued at approximately $3.38 million.
• Several hedge funds, including Earned Wealth Advisors LLC and BIT Capital GmbH, have significantly raised their stakes in Broadcom, highlighting strong institutional interest in the semiconductor manufacturer.
• Broadcom's recent performance showed a 20.2% annual revenue increase, alongside a reported quarterly EPS of $1.58, surpassing analysts' expectations, which signals strong financial health for the company.

Connable Office Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,197 shares of the semiconductor manufacturer's stock after buying an additional 1,725 shares during the period. Connable Office Inc.'s holdings in Broadcom were worth $3,382,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares during the period. Fulton Breakefield Broenniman LLC raised its stake in shares of Broadcom by 2.4% in the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after acquiring an additional 50 shares during the period. American Financial Advisors LLC increased its stake in Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after buying an additional 52 shares during the period. GS Investments Inc. raised its holdings in shares of Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock valued at $1,908,000 after purchasing an additional 52 shares in the last quarter. Finally, First Bank & Trust raised its stake in shares of Broadcom by 1.9% during the 1st 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. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

AVGO has been the subject of a number of research analyst reports. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Wells Fargo & Company lifted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an "overweight" rating in a report on Wednesday, July 30th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of AVGO stock traded down $4.86 during mid-day trading on Tuesday, hitting $292.86. 5,060,128 shares of the stock traded hands, compared to its average volume of 26,663,719. The firm has a market cap of $1.38 trillion, a price-to-earnings ratio of 110.26, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $306.95. 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 company's 50-day simple moving average is $267.94 and its 200-day simple moving average is $224.92.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors 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 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

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.