Leavell Investment Management Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,978 shares of the semiconductor manufacturer's stock after purchasing an additional 2,128 shares during the quarter. Leavell Investment Management Inc.'s holdings in Broadcom were worth $3,345,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Main Street Research LLC raised its stake in Broadcom by 5.3% during the first quarter. Main Street Research LLC now owns 265,850 shares of the semiconductor manufacturer's stock worth $44,511,000 after acquiring an additional 13,426 shares in the last quarter. First Interstate Bank boosted its holdings in Broadcom by 0.6% in the first quarter. First Interstate Bank now owns 10,385 shares of the semiconductor manufacturer's stock valued at $1,739,000 after acquiring an additional 65 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Broadcom by 3.0% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,479,241 shares of the semiconductor manufacturer's stock worth $247,669,000 after buying an additional 43,438 shares in the last quarter. Alpha Financial Partners LLC bought a new position in shares of Broadcom during the 1st quarter worth approximately $250,000. Finally, Topsail Wealth Management LLC lifted its holdings in shares of Broadcom by 27.4% in the 1st quarter. Topsail Wealth Management LLC now owns 1,699 shares of the semiconductor manufacturer's stock worth $284,000 after purchasing an additional 365 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Price Performance
Shares of Broadcom stock opened at $275.40 on Friday. 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's 50 day simple moving average is $245.29 and its two-hundred day simple moving average is $218.63. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. 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 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 firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm earned $10.96 earnings per share. The business's revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.
Insider Activity at Broadcom
In related news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on 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 in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on 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 sale, the chief executive officer owned 482,836 shares in the company, valued at $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. Insiders sold a total of 829,716 shares of company stock valued at $216,933,761 over the last ninety days. Insiders own 2.00% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on the company. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Benchmark increased their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. One equities research 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 company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and an average price target of $290.21.
Check Out Our Latest Analysis on Broadcom
About Broadcom
(
Free Report)
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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