PFG Investments LLC grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,350 shares of the semiconductor manufacturer's stock after buying an additional 2,395 shares during the quarter. PFG Investments LLC's holdings in Broadcom were worth $5,584,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the company. Dale Q Rice Investment Management Ltd purchased a new stake in Broadcom in the 1st quarter worth about $268,000. Dupont Capital Management Corp increased its holdings in shares of Broadcom by 7.8% in the 1st quarter. Dupont Capital Management Corp now owns 59,431 shares of the semiconductor manufacturer's stock valued at $9,951,000 after purchasing an additional 4,307 shares during the period. Rockline Wealth Management LLC lifted its position in shares of Broadcom by 69.1% in the first quarter. Rockline Wealth Management LLC now owns 43,809 shares of the semiconductor manufacturer's stock worth $7,335,000 after purchasing an additional 17,904 shares in the last quarter. Advisor Resource Council acquired a new stake in shares of Broadcom during the first quarter worth approximately $3,480,000. Finally, UG Investment Advisers Ltd. purchased a new position in Broadcom during the first quarter valued at approximately $2,050,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Price Performance
NASDAQ:AVGO traded up $10.00 on Tuesday, reaching $263.77. The stock had a trading volume of 32,724,001 shares, compared to its average volume of 29,444,004. The company has a market capitalization of $1.24 trillion, a P/E ratio of 98.79, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The stock has a fifty day moving average price of $221.98 and a 200-day moving average price of $213.28. 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 1-year low of $128.50 and a 1-year high of $265.58.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 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 EPS. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.
Insider Transactions at Broadcom
In related news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer now directly owns 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 875,444 shares of company stock worth $172,097,492. Corporate insiders own 2.00% of the company's stock.
Analysts Set New Price Targets
AVGO has been the subject of a number of research analyst reports. Evercore ISI reiterated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Susquehanna boosted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom has an average rating of "Moderate Buy" and an average target price of $281.25.
Check Out Our Latest Report on Broadcom
Broadcom Profile
(
Free Report)
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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