Tradewinds LLC. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 66.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,259 shares of the semiconductor manufacturer's stock after acquiring an additional 3,300 shares during the quarter. Tradewinds LLC.'s holdings in Broadcom were worth $1,383,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rialto Wealth Management LLC bought a new position in Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth $32,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the first quarter valued at $25,000. 76.43% of the stock is owned by institutional investors.
Insider Activity at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of the 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 directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% 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, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 in the last 90 days. 2.00% of the stock is currently owned by insiders.
Broadcom Price Performance
Shares of NASDAQ AVGO traded up $4.97 during mid-day trading on Friday, reaching $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The stock has a fifty day moving average of $238.77 and a two-hundred day moving average of $217.17. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The firm has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company earned $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom announced that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.
Analysts Set New Price Targets
A number of analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Barclays upped their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of "Buy" and an average price target of $281.46.
Check Out Our Latest Stock Analysis on AVGO
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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