Garner Asset Management Corp raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 584.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,027 shares of the semiconductor manufacturer's stock after buying an additional 14,541 shares during the period. Broadcom comprises 1.3% of Garner Asset Management Corp's portfolio, making the stock its 23rd biggest position. Garner Asset Management Corp's holdings in Broadcom were worth $2,851,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the period. Bank Pictet & Cie Europe AG grew its holdings in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE grew its holdings in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the period. Finally, Clune & Associates LTD. acquired a new stake in Broadcom during the 4th quarter worth $332,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Price Performance
AVGO stock traded up $5.10 during trading on Wednesday, reaching $283.69. 20,467,451 shares of the company were exchanged, compared to its average volume of 27,700,734. The company has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.25, a P/E/G ratio of 2.05 and a beta of 1.12. The company has a 50-day moving average of $254.41 and a two-hundred day moving average of $220.17. 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 twelve month low of $128.50 and a twelve month high of $295.19.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the company posted $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.
Insider Transactions at Broadcom
In related news, 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 transaction of $2,528,800.00. Following the transaction, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated 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 transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.
Analyst Upgrades and Downgrades
AVGO has been the topic of a number of recent analyst reports. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Finally, Susquehanna boosted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $292.08.
Check Out Our Latest Stock Report on Broadcom
About Broadcom
(
Free Report)
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.
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