Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Greenleaf Trust

Greenleaf Trust raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,966 shares of the semiconductor manufacturer's stock after acquiring an additional 3,670 shares during the period. Greenleaf Trust's holdings in Broadcom were worth $19,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth approximately $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth about $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth about $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO traded down $3.35 during mid-day trading on Thursday, reaching $274.56. 8,636,883 shares of the company's stock were exchanged, compared to its average volume of 28,292,991. The business's fifty day simple moving average is $243.73 and its 200-day simple moving average is $218.33. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.42. 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 $1.29 trillion, a PE ratio of 102.83, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 EPS. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a share repurchase 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 buy up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insiders Place Their Bets

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on AVGO shares. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Mizuho increased their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $290.21.

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.