Dale Q Rice Investment Management Ltd Purchases New Stake in Broadcom Inc. (NASDAQ:AVGO)

Dale Q Rice Investment Management Ltd acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,600 shares of the semiconductor manufacturer's stock, valued at approximately $268,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock valued at $163,760,949 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 0.5%

Broadcom stock traded down $1.27 during mid-day trading on Friday, hitting $249.99. 42,100,140 shares of the stock were exchanged, compared to its average volume of 29,469,720. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm's fifty day simple moving average is $220.48 and its two-hundred day simple moving average is $212.46. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate 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 last year, the firm posted $10.96 EPS. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Rosenblatt Securities boosted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, Mizuho upped their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

About Broadcom

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.