Spear Holdings RSC Ltd Invests $66.75 Million in Broadcom Inc. (NASDAQ:AVGO)

Spear Holdings RSC Ltd acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 398,665 shares of the semiconductor manufacturer's stock, valued at approximately $66,748,000. Broadcom comprises about 5.1% of Spear Holdings RSC Ltd's portfolio, making the stock its 6th biggest position.

Other large investors also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares during the period. Nebula Research & Development LLC boosted its position in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares during the period. Coppell Advisory Solutions LLC boosted its position in shares of Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after buying an additional 86,884 shares during the period. Colonial Trust Co SC boosted its position in shares of Broadcom by 14.6% during the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock valued at $2,338,000 after buying an additional 1,285 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Broadcom by 7.3% during the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock valued at $624,970,000 after buying an additional 183,474 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock worth $216,933,761 over the last 90 days. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.4%

Shares of AVGO stock traded down $1.02 during trading hours on Friday, reaching $274.38. 14,257,871 shares of the company's stock were exchanged, compared to its average volume of 28,222,053. 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 stock's 50 day moving average is $245.29 and its 200-day moving average is $218.63. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a P/E/G ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm 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 firm's revenue was up 20.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are 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 $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Wall Street Analyst Weigh In

AVGO has been the subject of several recent analyst reports. Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Mizuho boosted their price target on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $290.21.

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.