Patriot Financial Group Insurance Agency LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,367 shares of the semiconductor manufacturer's stock after acquiring an additional 1,119 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in Broadcom were worth $2,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently made changes to their positions in AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. Nebula Research & Development LLC grew its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the period. Kovack Advisors Inc. increased its position in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after purchasing an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. raised its stake in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after purchasing an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC boosted its holdings 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 worth $21,660,000 after buying an additional 86,884 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Insider Buying and Selling
In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred 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 in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is owned by insiders.
Broadcom Stock Down 5.0%
Shares of NASDAQ:AVGO opened at $246.95 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock's 50-day moving average price is $203.73 and its 200-day moving average price is $206.52. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.
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 for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. 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 previous year, the company posted $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued 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 dividend yield of 0.96%. Broadcom's dividend payout ratio is currently 113.46%.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday. Barclays reduced their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday. Finally, Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus target price of $270.25.
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About Broadcom
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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.
Further Reading
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