Formidable Asset Management LLC Buys 1,159 Shares of Broadcom Inc. (NASDAQ:AVGO)

Formidable Asset Management LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,463 shares of the semiconductor manufacturer's stock after purchasing an additional 1,159 shares during the quarter. Formidable Asset Management LLC's holdings in Broadcom were worth $3,259,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's 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 transaction, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO traded up $5.67 during midday trading on Monday, reaching $289.01. 10,846,833 shares of the company's stock were exchanged, compared to its average volume of 27,751,783. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.36 trillion, a PE ratio of 108.17, a P/E/G ratio of 2.02 and a beta of 1.12. The business's 50-day moving average price is $254.41 and its 200 day moving average price is $220.17. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $290.40.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has initiated a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. 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 0.82%. Broadcom's payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Morgan Stanley lifted their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $292.08.

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.