Mayport LLC Acquires New Holdings in Broadcom Inc. (NASDAQ:AVGO)

Mayport LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,624 shares of the semiconductor manufacturer's stock, valued at approximately $272,000.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. Worth Financial Advisory Group LLC lifted its holdings in shares of Broadcom by 20.8% in the 1st quarter. Worth Financial Advisory Group LLC now owns 1,746 shares of the semiconductor manufacturer's stock worth $292,000 after purchasing an additional 301 shares during the last quarter. PFG Investments LLC increased its position in Broadcom by 7.7% in the first quarter. PFG Investments LLC now owns 33,350 shares of the semiconductor manufacturer's stock worth $5,584,000 after buying an additional 2,395 shares during the period. Dale Q Rice Investment Management Ltd bought a new stake in Broadcom in the first quarter valued at $268,000. Dupont Capital Management Corp boosted its holdings in shares of Broadcom by 7.8% during the first quarter. Dupont Capital Management Corp now owns 59,431 shares of the semiconductor manufacturer's stock valued at $9,951,000 after acquiring an additional 4,307 shares during the period. Finally, Rockline Wealth Management LLC grew its position in shares of Broadcom by 69.1% during the first quarter. Rockline Wealth Management LLC now owns 43,809 shares of the semiconductor manufacturer's stock worth $7,335,000 after acquiring an additional 17,904 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 3.9%

AVGO stock traded up $10.00 during mid-day trading on Tuesday, reaching $263.77. 32,724,001 shares of the stock traded hands, compared to its average volume of 29,444,004. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.58. The stock's fifty day moving average is $221.98 and its 200-day moving average is $213.28. The company has a market cap of $1.24 trillion, a P/E ratio of 98.79, a P/E/G ratio of 1.78 and a beta of 1.11. 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 released its quarterly 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The firm's revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. Broadcom's payout ratio is presently 88.39%.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVGO. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. UBS Group raised 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. Finally, Citigroup boosted their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Three analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and a consensus price target of $281.25.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the company's 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 transaction, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 875,444 shares of company stock worth $172,097,492 in the last 90 days. 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.