Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Mitchell Mcleod Pugh & Williams Inc.

Mitchell Mcleod Pugh & Williams Inc. increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,703 shares of the semiconductor manufacturer's stock after acquiring an additional 961 shares during the quarter. Broadcom comprises about 1.0% of Mitchell Mcleod Pugh & Williams Inc.'s investment portfolio, making the stock its 18th biggest holding. Mitchell Mcleod Pugh & Williams Inc.'s holdings in Broadcom were worth $4,806,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of AVGO. SlateStone Wealth LLC lifted its holdings in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC lifted its holdings in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares in the last quarter. Samalin Investment Counsel LLC lifted its holdings in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after purchasing an additional 50 shares in the last quarter. Mizuho Bank Ltd. lifted its holdings in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after purchasing an additional 50 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC lifted its holdings in Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after purchasing an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% 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, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 828,916 shares of company stock valued at $216,785,761. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 1.9%

Shares of AVGO traded up $5.34 during trading hours on Tuesday, reaching $280.94. 17,895,803 shares of the company traded hands, compared to its average volume of 28,036,148. The firm has a market cap of $1.32 trillion, a price-to-earnings ratio of 105.22, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month 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. The stock's fifty day moving average price is $248.20 and its 200 day moving average price is $218.77.

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 analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has initiated a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.84%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Analysts Set New Price Targets

Several brokerages have weighed in on AVGO. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. The Goldman Sachs Group began coverage on shares of Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price on the stock. Susquehanna boosted 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. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Mizuho boosted their target price on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. One equities research 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. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $291.88.

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.