Lecap Asset Management Ltd. Takes $2.80 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Lecap Asset Management Ltd. acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 16,723 shares of the semiconductor manufacturer's stock, valued at approximately $2,800,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider now directly owns 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 301,468 shares of company stock valued at $74,670,250 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Broadcom stock traded up $5.52 during midday trading on Thursday, reaching $270.17. The company had a trading volume of 23,540,196 shares, compared to its average volume of 29,084,360. 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 $271.62. The company has a market capitalization of $1.27 trillion, a P/E ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11. The firm's fifty day simple moving average is $225.48 and its 200-day simple moving average is $213.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the business posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. Wells Fargo & Company increased their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $281.25.

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.