Prakash Investment Advisors LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Prakash Investment Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,620 shares of the semiconductor manufacturer's stock after buying an additional 1,200 shares during the quarter. Broadcom accounts for about 2.2% of Prakash Investment Advisors LLC's investment portfolio, making the stock its 12th biggest position. Prakash Investment Advisors LLC's holdings in Broadcom were worth $1,946,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Rialto Wealth Management LLC purchased a new position in Broadcom during the 4th quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter valued at $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at $32,000. Finally, Bellevue Asset Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $33,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.3%

NASDAQ:AVGO opened at $269.35 on Monday. The stock has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $274.15. 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 firm has a 50 day moving average of $229.43 and a 200 day moving average of $215.75.

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

Broadcom Announces Dividend

The firm also recently declared 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 yield of 0.88%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AVGO shares. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Evercore ISI reiterated an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Citigroup raised their price objective on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $281.25.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider now owns 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 811,716 shares of company stock valued at $209,906,771. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.