Joseph Group Capital Management Has $3.19 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Joseph Group Capital Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,035 shares of the semiconductor manufacturer's stock after purchasing an additional 1,245 shares during the quarter. Broadcom makes up approximately 1.2% of Joseph Group Capital Management's holdings, making the stock its 29th biggest holding. Joseph Group Capital Management's holdings in Broadcom were worth $3,187,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings 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. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $275.40 on Friday. The firm has a 50-day moving average of $245.29 and a 200-day moving average of $218.63. The company has a market cap of $1.30 trillion, a P/E ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 the consensus estimate of $14.98 billion. During the same quarter last year, the company posted $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $216,933,761 in the last three months. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVGO. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Morgan Stanley lifted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Rosenblatt Securities lifted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $290.21.

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.

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