Exchange Traded Concepts LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Exchange Traded Concepts LLC increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 38,491 shares of the semiconductor manufacturer's stock after acquiring an additional 3,254 shares during the quarter. Exchange Traded Concepts LLC's holdings in Broadcom were worth $6,445,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinion Investment Advisors LLC increased its stake in shares of Broadcom by 97.3% in the first quarter. Pinion Investment Advisors LLC now owns 30,012 shares of the semiconductor manufacturer's stock worth $5,025,000 after purchasing an additional 14,804 shares in the last quarter. BayBridge Capital Group LLC grew its stake in Broadcom by 178.3% in the 1st quarter. BayBridge Capital Group LLC now owns 8,746 shares of the semiconductor manufacturer's stock valued at $1,464,000 after buying an additional 5,603 shares in the last quarter. Atlas Private Wealth Advisors raised its holdings in Broadcom by 17.9% during the 1st quarter. Atlas Private Wealth Advisors now owns 5,622 shares of the semiconductor manufacturer's stock valued at $941,000 after acquiring an additional 852 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Broadcom by 191.6% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 496,518 shares of the semiconductor manufacturer's stock worth $83,132,000 after acquiring an additional 326,243 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its position in shares of Broadcom by 11.2% during the first quarter. Sound Income Strategies LLC now owns 1,641 shares of the semiconductor manufacturer's stock worth $275,000 after acquiring an additional 165 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AVGO shares. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Benchmark raised their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Three 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider now directly owns 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 730,576 shares of company stock valued at $133,778,494 in the last quarter. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 2.9%

Shares of NASDAQ:AVGO opened at $248.70 on Monday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock's 50-day moving average price is $213.01 and its 200-day moving average price is $209.85. The stock has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.

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).

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.