Ninety One UK Ltd Purchases 262,051 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ninety One UK Ltd boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,291,690 shares of the semiconductor manufacturer's stock after purchasing an additional 262,051 shares during the quarter. Broadcom comprises approximately 1.5% of Ninety One UK Ltd's investment portfolio, making the stock its 19th biggest position. Ninety One UK Ltd owned about 0.07% of Broadcom worth $551,128,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the 1st quarter valued at $25,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Inlight Wealth Management LLC bought a new stake in Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm'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 sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 829,716 shares of company stock worth $216,933,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.4%

NASDAQ:AVGO traded down $1.02 on Friday, reaching $274.38. 14,264,387 shares of the stock traded hands, compared to its average volume of 28,130,551. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company's 50 day moving average is $246.70 and its 200-day moving average is $218.87. 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 Inc. has a 1-year low of $128.50 and a 1-year high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are 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 given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Citigroup lifted their price objective on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. KeyCorp lifted their price objective on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday. Finally, Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $290.21.

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.