MADDEN SECURITIES Corp Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

MADDEN SECURITIES Corp boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 116.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,975 shares of the semiconductor manufacturer's stock after purchasing an additional 7,532 shares during the quarter. MADDEN SECURITIES Corp's holdings in Broadcom were worth $2,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.1%

AVGO stock traded up $0.35 during trading hours on Tuesday, reaching $244.63. 25,457,534 shares of the stock were exchanged, compared to its average volume of 31,006,449. The company has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm's 50-day moving average is $205.17 and its 200-day moving average is $207.37. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 earnings per share. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

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. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is 88.39%.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Redburn Atlantic began 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. KeyCorp boosted their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Oppenheimer raised their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $272.71.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the 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 completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last quarter. Insiders own 2.00% of the company's stock.

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.