Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Jag Capital Management LLC

Jag Capital Management LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,788 shares of the semiconductor manufacturer's stock after acquiring an additional 29,103 shares during the quarter. Broadcom accounts for about 2.7% of Jag Capital Management LLC's holdings, making the stock its 13th biggest position. Jag Capital Management LLC's holdings in Broadcom were worth $20,056,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter valued at $30,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom during the 4th quarter worth about $32,000. Finally, Bellevue Asset Management LLC acquired a new position in Broadcom in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Barclays lifted their target price 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. Mizuho increased their price target on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $281.25.

Broadcom Stock Down 4.0%

AVGO traded down $10.91 on Tuesday, reaching $264.74. The company's stock had a trading volume of 28,823,497 shares, compared to its average volume of 28,819,068. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The business's 50 day moving average is $231.62 and its 200 day moving average is $216.10. 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 market cap of $1.25 trillion, a price-to-earnings ratio of 99.15, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the business posted $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. As a group, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 dividend on an annualized basis and a yield of 0.89%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared 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 outstanding 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 of directors believes its stock is undervalued.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last 90 days. Company insiders own 2.00% of the company's stock.

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.