Invesco LLC Takes $1.96 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Invesco LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,709 shares of the semiconductor manufacturer's stock, valued at approximately $1,960,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new stake in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on AVGO shares. UBS Group lifted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Rosenblatt Securities raised 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. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of "Buy" and a consensus target price of $281.25.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total value of $10,486,800.00. Following the sale, the chief executive officer now owns 974,152 shares of the company's stock, valued at approximately $255,393,429.84. This represents a 3.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 301,468 shares of company stock valued at $74,670,250 in the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Up 2.1%

Shares of AVGO stock traded up $5.52 during trading hours on Thursday, hitting $270.17. 23,540,196 shares of the company were exchanged, compared to its average volume of 29,153,648. The company has a 50 day simple moving average of $225.48 and a two-hundred day simple moving average of $213.98. The firm has a market cap of $1.27 trillion, a P/E ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $271.62.

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 analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the company posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.