Jackson Creek Investment Advisors LLC Takes $262,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Jackson Creek Investment Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,562 shares of the semiconductor manufacturer's stock, valued at approximately $262,000.

A number of other hedge funds have also modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter worth $30,000. Finally, Wood Tarver Financial Group LLC raised its stake in Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction 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 directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.1%

AVGO traded down $3.11 on Friday, hitting $283.34. The company had a trading volume of 15,006,524 shares, compared to its average volume of 27,818,679. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28. 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 fifty day simple moving average of $254.41 and a 200-day simple moving average of $220.25. The firm has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally 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. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.83%. Broadcom's payout ratio is 88.39%.

Analysts Set New Price Targets

Several research firms have issued reports on AVGO. Morgan Stanley lifted their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Evercore ISI restated an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $292.08.

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.