Kesler Norman & Wride LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Kesler Norman & Wride LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 35,695 shares of the semiconductor manufacturer's stock after buying an additional 1,492 shares during the quarter. Broadcom makes up about 1.1% of Kesler Norman & Wride LLC's holdings, making the stock its 29th biggest position. Kesler Norman & Wride LLC's holdings in Broadcom were worth $5,977,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Norges Bank acquired a new stake in shares of Broadcom during the fourth quarter worth $16,893,010,000. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC boosted its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.9%

NASDAQ:AVGO opened at $275.40 on Friday. The business's 50-day moving average is $245.29 and its two-hundred day moving average is $218.63. 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 12 month low of $128.50 and a 12 month high of $281.18. The firm has a market capitalization of $1.30 trillion, a PE ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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 return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given 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 payout ratio is 88.39%.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Finally, Citigroup lifted their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus price target of $290.21.

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. The trade was a 8.25% 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 the business's stock in a transaction dated 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 completion of the sale, the chief executive officer directly 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. In the last 90 days, insiders sold 829,716 shares of company stock valued at $216,933,761. Company insiders own 2.00% of the company's stock.

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.

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