Isthmus Partners LLC Makes New $10.69 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Isthmus Partners LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 63,874 shares of the semiconductor manufacturer's stock, valued at approximately $10,694,000.

Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in shares of Broadcom in the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC boosted its stake in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 0.4%

Shares of Broadcom stock traded down $1.02 during trading on Friday, hitting $274.38. 14,264,387 shares of the stock traded hands, compared to its average volume of 28,121,225. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.76, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. 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 52-week low of $128.50 and a 52-week high of $281.18. The stock's fifty day simple moving average is $246.70 and its 200 day simple moving average is $218.72.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 company 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 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved 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 typically a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

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

Insider Activity

In related news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Evercore ISI reissued an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Barclays lifted their price target 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. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $290.21.

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.