Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Rheos Capital Works Inc.

Rheos Capital Works Inc. increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 158,000 shares of the semiconductor manufacturer's stock after purchasing an additional 16,000 shares during the quarter. Broadcom accounts for about 2.2% of Rheos Capital Works Inc.'s holdings, making the stock its 15th largest holding. Rheos Capital Works Inc.'s holdings in Broadcom were worth $26,454,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Daymark Wealth Partners LLC increased its position in shares of Broadcom by 10.2% in the first quarter. Daymark Wealth Partners LLC now owns 149,218 shares of the semiconductor manufacturer's stock valued at $24,984,000 after buying an additional 13,833 shares in the last quarter. CHICAGO TRUST Co NA grew its stake in Broadcom by 10.8% in the 1st quarter. CHICAGO TRUST Co NA now owns 22,736 shares of the semiconductor manufacturer's stock valued at $3,807,000 after acquiring an additional 2,224 shares during the period. Destiny Wealth Partners LLC grew its stake in Broadcom by 22.3% in the 1st quarter. Destiny Wealth Partners LLC now owns 33,026 shares of the semiconductor manufacturer's stock valued at $5,530,000 after acquiring an additional 6,013 shares during the period. Wiser Wealth Management Inc increased its holdings in Broadcom by 7.6% in the 1st quarter. Wiser Wealth Management Inc now owns 1,719 shares of the semiconductor manufacturer's stock worth $288,000 after acquiring an additional 121 shares in the last quarter. Finally, Toth Financial Advisory Corp raised its position in Broadcom by 1.9% during the first quarter. Toth Financial Advisory Corp now owns 34,767 shares of the semiconductor manufacturer's stock worth $5,821,000 after acquiring an additional 649 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday. Bank of America raised their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday. Finally, Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $272.71.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 0.1%

Shares of Broadcom stock traded up $0.35 during mid-day trading on Tuesday, hitting $244.63. The stock had a trading volume of 25,457,534 shares, compared to its average volume of 31,006,245. The firm has a 50-day moving average of $205.17 and a two-hundred day moving average of $207.37. The firm has a market cap of $1.15 trillion, a P/E ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the business posted $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has initiated a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

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.