Massachusetts Financial Services Co. MA Has $467.57 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Massachusetts Financial Services Co. MA increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,792,601 shares of the semiconductor manufacturer's stock after purchasing an additional 266,987 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.06% of Broadcom worth $467,565,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth $25,000. Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC grew its position in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after acquiring an additional 137 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Tuesday, June 24th. 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. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $290.21.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,916 shares of company stock valued at $216,785,761. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of AVGO opened at $275.60 on Tuesday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The business's 50 day moving average price is $248.20 and its two-hundred day moving average price is $218.77. The firm has a market cap of $1.30 trillion, a PE ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly 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 analyst estimates of $14.98 billion. During the same period in the previous year, the firm earned $10.96 earnings per share. The company's revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

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.

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