Mirabaud & Cie SA Purchases 6,648 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Mirabaud & Cie SA raised its stake in Broadcom Inc. by **24.7%**, acquiring an additional **6,648 shares**, bringing its total holdings to **33,587 shares** valued at **$5.6 million**.
• Broadcom's stock currently sees an **average price target of $294.92**, with the majority of analysts rating it as a **"Buy"** or stronger, reflecting strong market confidence.
• The company announced a **quarterly dividend of $0.59 per share**, with plans for a **$10 billion share buyback program**, hinting at management's belief in the stock's undervaluation.

Mirabaud & Cie SA increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.7% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,587 shares of the semiconductor manufacturer's stock after buying an additional 6,648 shares during the period. Broadcom accounts for approximately 1.9% of Mirabaud & Cie SA's portfolio, making the stock its 16th largest holding. Mirabaud & Cie SA's holdings in Broadcom were worth $5,623,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Nebula Research & Development LLC lifted its stake 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 during the last quarter. Diversify Wealth Management LLC grew its stake in shares of Broadcom by 5.6% during the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after buying an additional 2,016 shares during the last quarter. OMNI 360 Wealth Inc. increased its holdings in shares of 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 buying an additional 1,014 shares during the period. Finally, Coppell Advisory Solutions LLC lifted its stake in shares of Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after acquiring an additional 86,884 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AVGO shares. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday. Oppenheimer lifted their target price on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Barclays raised their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Susquehanna increased their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has an average rating of "Buy" and an average price target of $294.92.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the transaction, the director directly owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Broadcom stock opened at $288.64 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a PEG ratio of 2.09 and a beta of 1.15. The stock's 50 day moving average is $266.56 and its 200 day moving average is $224.55.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping 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 business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Broadcom announced that its board has approved a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

About Broadcom

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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