GAMMA Investing LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

GAMMA Investing LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,184 shares of the semiconductor manufacturer's stock after purchasing an additional 8,672 shares during the period. Broadcom comprises approximately 1.3% of GAMMA Investing LLC's holdings, making the stock its 7th largest holding. GAMMA Investing LLC's holdings in Broadcom were worth $17,276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Vanguard Group Inc. raised its stake in Broadcom by 1.4% in 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. Geode Capital Management LLC grew its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the period. FMR LLC raised its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp lifted its stake in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock traded down $10.91 during mid-day trading on Tuesday, reaching $264.74. 28,823,497 shares of the company's stock traded hands, compared to its average volume of 28,819,075. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.25 trillion, a PE ratio of 99.15, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The firm has a 50 day moving average price of $233.52 and a two-hundred day moving average price of $216.44.

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 company 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%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has authorized 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 reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value 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 represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 in the last 90 days. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AVGO shares. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Evercore ISI restated an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Cowen reiterated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average price target of $281.25.

Broadcom Company Profile

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.