Vestmark Advisory Solutions Inc. Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Vestmark Advisory Solutions Inc. increased its holdings in Broadcom Inc. by 128.7%, owning 93,529 shares valued at approximately $15.66 million after purchasing additional shares in Q1.
• Broadcom's latest quarterly earnings report showed a net income of $1.58 EPS, surpassing estimates and marking a 20.2% year-over-year revenue growth.
117,758 shares for nearly $29.8 million, indicating a 10.40% decrease in his stake in the company.

Vestmark Advisory Solutions Inc. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 128.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 93,529 shares of the semiconductor manufacturer's stock after purchasing an additional 52,640 shares during the period. Vestmark Advisory Solutions Inc.'s holdings in Broadcom were worth $15,660,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth approximately $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.2%

Shares of AVGO stock opened at $309.09 on Thursday. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. The stock has a market cap of $1.45 trillion, a PE ratio of 115.76, a price-to-earnings-growth ratio of 2.22 and a beta of 1.15. The business's fifty day moving average is $276.06 and its 200-day moving average is $228.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly 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 company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Arete Research raised Broadcom to a "strong-buy" rating in a report on Monday, July 28th. Finally, Evercore ISI reissued an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $294.92.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom 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 in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $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. Over the last ninety days, insiders sold 829,716 shares of company stock worth $217,040,489. Corporate insiders own 2.00% of the company's stock.

Broadcom Company 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.

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