Goelzer Investment Management Inc. Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Goelzer Investment Management Inc. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 90,916 shares of the semiconductor manufacturer's stock after buying an additional 28,322 shares during the quarter. Broadcom accounts for about 0.9% of Goelzer Investment Management Inc.'s portfolio, making the stock its 13th largest holding. Goelzer Investment Management Inc.'s holdings in Broadcom were worth $15,222,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Checchi Capital Advisers LLC grew its stake in shares of Broadcom by 0.5% during the 1st quarter. Checchi Capital Advisers LLC now owns 46,895 shares of the semiconductor manufacturer's stock worth $7,852,000 after purchasing an additional 255 shares during the period. Values Added Financial LLC grew its stake in shares of Broadcom by 5.4% during the 1st quarter. Values Added Financial LLC now owns 1,641 shares of the semiconductor manufacturer's stock worth $275,000 after purchasing an additional 84 shares during the period. Castle Wealth Management LLC grew its stake in shares of Broadcom by 5.9% during the 1st quarter. Castle Wealth Management LLC now owns 10,834 shares of the semiconductor manufacturer's stock worth $1,814,000 after purchasing an additional 599 shares during the period. TKG Advisors LLC grew its stake in shares of Broadcom by 5.8% during the 1st quarter. TKG Advisors LLC now owns 28,400 shares of the semiconductor manufacturer's stock worth $4,755,000 after purchasing an additional 1,568 shares during the period. Finally, North Capital Inc. acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $459,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on AVGO. Barclays raised their price objective 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. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Citigroup lifted their price target on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $281.46.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business'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 sale, the insider owned 789,784 shares in the company, valued at approximately $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 90 days, insiders have sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 1.8%

NASDAQ AVGO opened at $274.87 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business's fifty day simple moving average is $237.12 and its 200-day simple moving average is $216.98. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

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.

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.