Deseret Mutual Benefit Administrators Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Deseret Mutual Benefit Administrators grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,250 shares of the semiconductor manufacturer's stock after purchasing an additional 1,222 shares during the quarter. Broadcom makes up 0.8% of Deseret Mutual Benefit Administrators' portfolio, making the stock its 19th biggest position. Deseret Mutual Benefit Administrators' holdings in Broadcom were worth $1,549,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVGO. Norges Bank bought a new position in Broadcom in the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC grew its holdings in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Broadcom stock traded up $4.97 during midday trading on Thursday, reaching $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. The firm's fifty day simple moving average is $235.38 and its 200-day simple moving average is $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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 business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's payout ratio is 88.39%.

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVGO shares. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. William Blair restated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Finally, Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $281.46.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 value of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by company insiders.

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.