Sitrin Capital Management LLC Invests $3.66 Million in Broadcom Inc. (NASDAQ:AVGO)

Sitrin Capital Management LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,880 shares of the semiconductor manufacturer's stock, valued at approximately $3,663,000. Broadcom makes up 2.0% of Sitrin Capital Management LLC's holdings, making the stock its 29th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Goelzer Investment Management Inc. increased its stake in Broadcom by 45.2% during the 1st quarter. Goelzer Investment Management Inc. now owns 90,916 shares of the semiconductor manufacturer's stock worth $15,222,000 after buying an additional 28,322 shares in the last quarter. Checchi Capital Advisers LLC increased its position in shares of Broadcom by 0.5% during the first quarter. Checchi Capital Advisers LLC now owns 46,895 shares of the semiconductor manufacturer's stock worth $7,852,000 after purchasing an additional 255 shares in the last quarter. Values Added Financial LLC grew its holdings in shares of Broadcom by 5.4% during the first quarter. Values Added Financial LLC now owns 1,641 shares of the semiconductor manufacturer's stock worth $275,000 after buying an additional 84 shares in the last quarter. Castle Wealth Management LLC grew its holdings in shares of Broadcom by 5.9% during the first quarter. Castle Wealth Management LLC now owns 10,834 shares of the semiconductor manufacturer's stock worth $1,814,000 after buying an additional 599 shares in the last quarter. Finally, TKG Advisors LLC grew its holdings in shares of Broadcom by 5.8% during the first quarter. TKG Advisors LLC now owns 28,400 shares of the semiconductor manufacturer's stock worth $4,755,000 after buying an additional 1,568 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVGO. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. William Blair restated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Susquehanna upped their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $281.46.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction that occurred 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 in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Up 1.8%

Shares of NASDAQ:AVGO traded up $4.97 during mid-day trading on Friday, reaching $274.87. 10,592,655 shares of the company were exchanged, compared to its average volume of 28,575,138. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The firm's 50-day simple moving average is $238.77 and its 200 day simple moving average is $217.17. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. 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 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a share 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 purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.