Mathes Company Inc. Makes New $2.67 Million Investment in Broadcom Inc. (NASDAQ:AVGO)

Mathes Company Inc. acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,935 shares of the semiconductor manufacturer's stock, valued at approximately $2,668,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its holdings in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. OMNI 360 Wealth Inc. raised its holdings in Broadcom by 51.6% in the first quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock worth $499,000 after purchasing an additional 1,014 shares in the last quarter. Diversify Wealth Management LLC raised its holdings in Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock worth $6,365,000 after purchasing an additional 2,016 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its holdings in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after purchasing an additional 86,884 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

AVGO traded up $5.34 on Tuesday, hitting $280.94. 17,895,803 shares of the company's stock traded hands, compared to its average volume of 28,016,003. The company's 50 day simple moving average is $248.20 and its 200-day simple moving average is $218.77. The firm has a market cap of $1.32 trillion, a price-to-earnings ratio of 105.22, a P/E/G ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $283.24. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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 company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the company earned $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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 dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. The Goldman Sachs Group started coverage on Broadcom in a research note on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price on the stock. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. 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. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $291.88.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 828,916 shares of company stock worth $216,785,761. Company insiders own 2.00% of the company's stock.

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.