Crew Capital Management Ltd. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 177.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,159 shares of the semiconductor manufacturer's stock after acquiring an additional 5,217 shares during the quarter. Broadcom comprises approximately 1.1% of Crew Capital Management Ltd.'s investment portfolio, making the stock its 16th largest holding. Crew Capital Management Ltd.'s holdings in Broadcom were worth $1,366,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE increased its position in shares of Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after acquiring an additional 322 shares during the period. Finally, Proficio Capital Partners LLC increased its position in shares of Broadcom by 46.2% in the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock valued at $4,528,000 after acquiring an additional 6,168 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.
Insiders Place Their Bets
In related news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by company insiders.
Broadcom Price Performance
AVGO traded up $4.97 during trading on Friday, hitting $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. 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 twelve month low of $128.50 and a twelve month high of $277.71. The business's fifty day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the company earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a stock repurchase program 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 programs are generally an indication that the company's leadership believes its stock is undervalued.
Broadcom Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on the company. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Citigroup increased their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Wells Fargo & Company raised their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. 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. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $281.46.
Read Our Latest Stock Report on Broadcom
Broadcom 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.
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