Silphium Asset Management Ltd increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 232.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,202 shares of the semiconductor manufacturer's stock after buying an additional 12,022 shares during the period. Broadcom accounts for 2.3% of Silphium Asset Management Ltd's portfolio, making the stock its 24th largest position. Silphium Asset Management Ltd's holdings in Broadcom were worth $2,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC increased its position in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE boosted its holdings in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its holdings in Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after purchasing an additional 6,168 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Trading Up 2.2%
NASDAQ:AVGO traded up $6.10 during mid-day trading on Wednesday, hitting $277.90. 20,105,827 shares of the stock traded hands, compared to its average volume of 28,408,596. 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 stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 104.08, a PEG ratio of 1.95 and a beta of 1.12. The firm's 50 day moving average is $242.02 and its two-hundred day moving average is $217.92. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $279.37.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the firm earned $10.96 EPS. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts predict 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 buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. Broadcom's payout ratio is 88.39%.
Insider Activity at Broadcom
In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% 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 40,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was 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 approximately $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last three months. Company insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the stock. Benchmark raised their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $285.00.
Check Out Our Latest Stock Analysis on Broadcom
About Broadcom
(
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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