Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Lafayette Investments Inc.

Lafayette Investments Inc. lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,205 shares of the semiconductor manufacturer's stock after purchasing an additional 1,025 shares during the quarter. Lafayette Investments Inc.'s holdings in Broadcom were worth $871,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Tallon Kerry Patrick bought a new position in Broadcom in the fourth quarter valued at about $357,000. LaFleur & Godfrey LLC lifted its stake in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC lifted its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares during the period. Revolve Wealth Partners LLC lifted its stake in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the period. Finally, SOA Wealth Advisors LLC. lifted its stake in Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after buying an additional 355 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Citigroup raised their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Bank of America lifted their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Broadcom 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 company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director now directly owns 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 811,716 shares of company stock valued at $209,906,771. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of Broadcom stock traded up $4.89 during trading on Monday, reaching $274.24. 10,601,709 shares of the stock traded hands, compared to its average volume of 28,838,969. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.79, a P/E/G ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $277.66. 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 business has a fifty day simple moving average of $229.43 and a two-hundred day simple moving average of $215.75.

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, 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts expect 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 $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board 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.