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10,648 Shares in Broadcom Inc. (NASDAQ:AVGO) Acquired by Strategic Advocates LLC

Broadcom logo with Computer and Technology background

Key Points

  • Strategic Advocates LLC invested approximately $1.78 million in 10,648 shares of Broadcom Inc., indicating growing institutional interest in the semiconductor company.
  • Broadcom reported earnings of $1.58 per share for the quarter, slightly exceeding analysts' expectations, with revenue up 20.2% compared to the previous year.
  • The company has authorized a significant $10 billion stock buyback program, which suggests that its board believes the stock is undervalued.
  • Interested in Broadcom? Here are five stocks we like better.

Strategic Advocates LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,648 shares of the semiconductor manufacturer's stock, valued at approximately $1,783,000.

A number of other large investors have also added to or reduced their stakes in AVGO. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter valued at about $30,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at about $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at about $26,000. Finally, Mpwm Advisory Solutions LLC bought a new position in Broadcom during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on AVGO. Benchmark increased their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. UBS Group increased their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company increased their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of "Buy" and a consensus price target of $294.92.

Get Our Latest Report on Broadcom

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO stock traded down $5.06 on Friday, reaching $288.64. 21,405,316 shares of the company's stock were exchanged, compared to its average volume of 15,995,794. The stock has a fifty day moving average of $266.56 and a 200-day moving average of $224.55. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95. The firm has a market cap of $1.36 trillion, a PE ratio of 108.10, a P/E/G ratio of 2.09 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Broadcom Company Profile

(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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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