Hoxton Planning & Management LLC Acquires New Shares in Broadcom Inc. (NASDAQ:AVGO)

Key Points

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Hoxton Planning & Management LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,271 shares of the semiconductor manufacturer's stock, valued at approximately $1,050,000.

Other hedge funds have also bought and sold shares of the company. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the fourth quarter valued at $30,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter valued at about $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter worth about $26,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $37,000. Institutional investors own 76.43% of the company's stock.

Insider Activity

In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Arete Research raised Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Rosenblatt Securities increased their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. KeyCorp boosted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Finally, Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $294.92.

Broadcom Stock Performance

AVGO stock traded down $5.06 during midday trading on Friday, hitting $288.64. The company's stock had a trading volume of 21,405,316 shares, compared to its average volume of 15,995,794. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.09 and a beta of 1.15. 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 stock's 50-day moving average price is $266.56 and its 200 day moving average price is $224.55. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 EPS. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom 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.