Fiduciary Family Office LLC Takes $2.46 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Fiduciary Family Office LLC has invested approximately $2.46 million in Broadcom Inc., acquiring 14,715 shares, which represent 0.8% of its total investment portfolio.
• Institutional investors now own 76.43% of Broadcom's stock, with several firms such as Johnson Financial Group LLC and Manhattan West Asset Management LLC increasing their holdings in the company.
• Equities analysts have raised their price targets for Broadcom, with Bank of America increasing its target from $240 to $300, reflecting strong market confidence in the company's performance.

Fiduciary Family Office LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 14,715 shares of the semiconductor manufacturer's stock, valued at approximately $2,464,000. Broadcom accounts for 0.8% of Fiduciary Family Office LLC's investment portfolio, making the stock its 18th biggest holding.

Other institutional investors have also modified their holdings of the company. Johnson Financial Group LLC purchased a new position in shares of Broadcom in the first quarter worth about $271,000. Manhattan West Asset Management LLC lifted its stake in shares of Broadcom by 16.2% in the first quarter. Manhattan West Asset Management LLC now owns 34,278 shares of the semiconductor manufacturer's stock worth $5,739,000 after buying an additional 4,775 shares in the last quarter. Frank Rimerman Advisors LLC raised its stake in Broadcom by 0.9% during the first quarter. Frank Rimerman Advisors LLC now owns 73,218 shares of the semiconductor manufacturer's stock worth $12,259,000 after purchasing an additional 675 shares during the period. Cynosure Group LLC raised its stake in Broadcom by 9.5% during the first quarter. Cynosure Group LLC now owns 2,419 shares of the semiconductor manufacturer's stock worth $405,000 after purchasing an additional 209 shares during the period. Finally, First Western Trust Bank raised its stake in Broadcom by 15.0% during the first quarter. First Western Trust Bank now owns 3,784 shares of the semiconductor manufacturer's stock worth $634,000 after purchasing an additional 494 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Bank of America lifted their target price 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. Barclays lifted their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, Oppenheimer lifted their target price on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $294.92.

Broadcom Trading Up 0.4%

NASDAQ AVGO opened at $304.97 on Friday. 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 52 week low of $134.90 and a 52 week high of $310.34. The stock has a market capitalization of $1.43 trillion, a PE ratio of 114.22, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The firm has a 50 day moving average of $272.87 and a two-hundred day moving average of $226.82.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business 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 revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

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.