Los Angeles Capital Management LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,304,153 shares of the semiconductor manufacturer's stock after acquiring an additional 787,321 shares during the quarter. Broadcom makes up 2.4% of Los Angeles Capital Management LLC's investment portfolio, making the stock its 6th largest holding. Los Angeles Capital Management LLC owned 0.07% of Broadcom worth $553,214,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. True Wealth Design LLC raised its position in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares during the last quarter. Samalin Investment Counsel LLC raised its position in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after acquiring an additional 50 shares during the last quarter. Mizuho Bank Ltd. raised its position in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares during the last quarter. Fulton Breakefield Broenniman LLC raised its position in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares during the last quarter. Finally, American Financial Advisors LLC raised its position in shares of Broadcom by 3.8% in the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after buying an additional 52 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Stock Down 3.2%
Shares of Broadcom stock traded down $9.26 during trading on Tuesday, reaching $278.95. The company's stock had a trading volume of 12,129,102 shares, compared to its average volume of 27,717,478. The company has a 50-day simple moving average of $254.41 and a two-hundred day simple moving average of $220.17. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $290.54. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.31 trillion, a price-to-earnings ratio of 104.57, a P/E/G ratio of 2.02 and a beta of 1.12.
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 analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom announced that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their position. 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 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several equities research analysts have issued reports on AVGO shares. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research note on Thursday, July 10th. They set a "buy" rating and a $315.00 price objective for the company. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $292.08.
Read Our Latest Stock Report on AVGO
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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