Harrell Investment Partners LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,440 shares of the semiconductor manufacturer's stock after buying an additional 2,841 shares during the quarter. Broadcom comprises 4.6% of Harrell Investment Partners LLC's portfolio, making the stock its 2nd largest holding. Harrell Investment Partners LLC's holdings in Broadcom were worth $15,645,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Tallon Kerry Patrick bought a new position in Broadcom in the 4th quarter worth approximately $357,000. Capital & Planning LLC grew its holdings in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after buying an additional 554 shares in the last quarter. LaFleur & Godfrey LLC grew its holdings in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after buying an additional 12,345 shares in the last quarter. Brighton Jones LLC grew its holdings in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in Broadcom in the 4th quarter worth approximately $71,312,000. 76.43% of the stock is owned by institutional investors.
Broadcom Trading Up 0.8%
Shares of AVGO opened at $251.26 on Thursday. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.77 and a beta of 1.11. The business's 50-day moving average price is $217.54 and its 200 day moving average price is $211.02. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its 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. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $10.96 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Insider Transactions at Broadcom
In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock valued at $163,760,949 over the last quarter. Company insiders own 2.00% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on AVGO. Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Oppenheimer increased their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.
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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