Kraft Davis & Associates LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Kraft Davis & Associates LLC bought a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm bought 1,275 shares of the semiconductor manufacturer's stock, valued at approximately $215,000.

A number of other hedge funds have also made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its position in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Kovack Advisors Inc. raised its position in Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock worth $7,971,000 after acquiring an additional 2,570 shares in the last quarter. SOA Wealth Advisors LLC. raised its position in Broadcom by 50.6% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after acquiring an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC increased its holdings in shares of Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after purchasing an additional 86,884 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. 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. upped their price target 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. Bank of America upped their price target 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. Citigroup increased their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, Benchmark increased their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $281.25.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the transaction, the chief executive officer now owns 974,152 shares of the company's stock, valued at approximately $255,393,429.84. The trade was a 3.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 337,818 shares of company stock worth $84,167,415. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 2.1%

Shares of NASDAQ AVGO opened at $270.17 on Friday. The company has a 50 day simple moving average of $227.46 and a 200 day simple moving average of $214.61. The firm has a market cap of $1.27 trillion, a PE ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $271.67. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $10.96 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Broadcom Company 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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