Krane Funds Advisors LLC Buys 1,118 Shares of Broadcom Inc. (NASDAQ:AVGO)

Krane Funds Advisors LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 70.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,696 shares of the semiconductor manufacturer's stock after purchasing an additional 1,118 shares during the quarter. Krane Funds Advisors LLC's holdings in Broadcom were worth $451,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of AVGO. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at 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. Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $32,000. Finally, Bellevue Asset Management LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $33,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated 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 in the company, valued at $91,117,639.75. This represents a 13.46% 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 three months. Insiders own 2.00% of the company's stock.

Broadcom Trading Up 1.8%

AVGO traded up $4.97 during midday trading on Friday, hitting $274.87. 10,592,655 shares of the company were exchanged, compared to its average volume of 28,575,138. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The firm's 50 day moving average price is $238.77 and its 200-day moving average price is $217.17. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 EPS. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has authorized a share repurchase 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 repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. 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 dividend payout ratio is 88.39%.

Analysts Set New Price Targets

AVGO has been the subject of several research reports. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Citigroup lifted their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Wells Fargo & Company lifted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Finally, Mizuho raised their price objective on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $281.46.

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.