Triumph Capital Management Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Triumph Capital Management bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,215 shares of the semiconductor manufacturer's stock, valued at approximately $371,000.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Broadcom by 16.4% in the 4th 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 in the last quarter. Highview Capital Management LLC DE grew its position in Broadcom by 1.3% in the 4th 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 in the last quarter. Finally, Murphy & Mullick Capital Management Corp bought a new stake in Broadcom in the 4th quarter worth about $3,108,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AVGO shares. Rosenblatt Securities upped their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Barclays upped their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Morgan Stanley upped their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Cowen reiterated a "buy" rating on shares of Broadcom 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 two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $292.08.

Broadcom Trading Up 0.5%

Shares of AVGO stock traded up $1.47 during mid-day trading on Friday, reaching $290.18. The stock had a trading volume of 12,031,575 shares, compared to its average volume of 17,076,324. The stock's 50-day moving average price is $260.05 and its two-hundred day moving average price is $222.13. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $292.59. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last three months. Corporate insiders own 2.00% of the company's stock.

About Broadcom

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.