Costello Asset Management INC Invests $417,000 in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Costello Asset Management INC acquired 2,490 shares of Broadcom Inc., valued at approximately $417,000, during the first quarter.
• Broadcom's CEO, Hock E. Tan, sold 40,000 shares for $10.73 million, decreasing his ownership by 7.65%, while Director Henry Samueli sold 473,898 shares worth over $125 million.
• The company's stock has experienced a 3.1% increase and achieved a market cap of $1.40 trillion, with a recent earnings report beating analysts' expectations.

Costello Asset Management INC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,490 shares of the semiconductor manufacturer's stock, valued at approximately $417,000.

Several other institutional investors have also added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth about $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director directly owned 24,582 shares of the company's stock, valued at $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. Morgan Stanley set a $338.00 target price on Broadcom and gave the company an "overweight" rating in a report on Wednesday, July 30th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Mizuho increased their target price on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Oppenheimer increased their target price on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Broadcom Stock Performance

Shares of AVGO stock traded up $8.74 during mid-day trading on Wednesday, reaching $301.67. The stock had a trading volume of 17,275,421 shares, compared to its average volume of 17,267,806. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $306.95. 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 firm has a market cap of $1.42 trillion, a price-to-earnings ratio of 112.99, a PEG ratio of 2.08 and a beta of 1.15. The business's fifty day moving average is $269.08 and its 200-day moving average is $225.39.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

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.