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Credit Capital Investments LLC Purchases New Shares in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Credit Capital Investments LLC has acquired 1,700 shares of Broadcom Inc. valued at approximately $285,000, making it 0.5% of their portfolio and the 18th largest position.
  • Broadcom reported $1.58 earnings per share for the latest quarter, exceeding estimates, and showed a 20.2% increase in quarterly revenue compared to the previous year.
  • The company has announced a share buyback program of up to $10 billion, reflecting management's belief that the stock is undervalued.
  • Interested in Broadcom? Here are five stocks we like better.

Credit Capital Investments LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,700 shares of the semiconductor manufacturer's stock, valued at approximately $285,000. Broadcom accounts for about 0.5% of Credit Capital Investments LLC's portfolio, making the stock its 18th largest position.

Several other large investors have also recently modified their holdings of AVGO. GAMMA Investing LLC raised its holdings in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. Northern Trust Corp grew its position in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. APG Asset Management N.V. grew its position in Broadcom by 609.4% during the 4th quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after purchasing an additional 3,762,034 shares during the last quarter. Finally, FMR LLC grew its position in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

AVGO opened at $288.64 on Monday. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a 1 year low of $128.50 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 stock has a fifty day moving average price of $266.56 and a 200 day moving average price of $224.50.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm 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 posted $10.96 earnings per share. The company's quarterly revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% 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. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Arete Research raised shares of Broadcom to a "strong-buy" rating in a report on Monday, July 28th. Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Morgan Stanley set a $338.00 price objective on Broadcom and gave the company an "overweight" rating in a report on Wednesday, July 30th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $294.92.

Read Our Latest Stock Report on Broadcom

About Broadcom

(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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