Means Investment CO. Inc. Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Means Investment CO. Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 147.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,361 shares of the semiconductor manufacturer's stock after purchasing an additional 10,351 shares during the period. Means Investment CO. Inc.'s holdings in Broadcom were worth $2,907,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC lifted its holdings in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC lifted its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp lifted its stake in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVGO. Evercore ISI reissued an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday, June 15th. Benchmark boosted their target price 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. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Citigroup upped their price objective on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $276.09.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The shares were 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 now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 0.5%

NASDAQ AVGO traded down $1.27 on Friday, reaching $249.99. The company had a trading volume of 42,100,140 shares, compared to its average volume of 29,751,835. The company's fifty day moving average is $220.48 and its 200 day moving average is $212.17. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.79 and a beta of 1.11. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 EPS. The business's revenue for the quarter was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board 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.