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Van Strum & Towne Inc. Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Van Strum & Towne Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,165 shares of the semiconductor manufacturer's stock after purchasing an additional 1,230 shares during the quarter. Van Strum & Towne Inc.'s holdings in Broadcom were worth $1,200,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $32,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $5.38 during midday trading on Thursday, reaching $289.07. The company's stock had a trading volume of 8,989,754 shares, compared to its average volume of 27,207,529. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $291.20. 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 50 day moving average price of $257.70 and a 200-day moving average price of $221.40. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 108.24, a PEG ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.82%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the company'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 completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AVGO shares. Cowen reiterated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Morgan Stanley raised their target price on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $292.08.

Check Out Our Latest Research Report on AVGO

Broadcom 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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