Private Advisory Group LLC Buys 16,944 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

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Private Advisory Group LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 92,219 shares of the semiconductor manufacturer's stock after buying an additional 16,944 shares during the period. Broadcom makes up about 1.7% of Private Advisory Group LLC's investment portfolio, making the stock its 14th largest holding. Private Advisory Group LLC's holdings in Broadcom were worth $15,440,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of AVGO. GAMMA Investing LLC lifted its holdings in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. APG Asset Management N.V. raised its holdings in shares of Broadcom by 609.4% during the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock worth $980,500,000 after acquiring an additional 3,762,034 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several recent research reports. Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a report on Wednesday. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Rosenblatt Securities increased their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and a consensus price target of $294.92.

Broadcom Price Performance

Shares of Broadcom stock traded down $4.53 during midday trading on Friday, reaching $289.17. The company had a trading volume of 4,954,230 shares, compared to its average volume of 26,758,908. 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 company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 107.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.12. The stock has a fifty day simple moving average of $265.36 and a 200 day simple moving average of $224.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $306.95.

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 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 analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

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.