Vista Investment Partners LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 12,490 shares of the semiconductor manufacturer's stock, valued at approximately $2,091,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Vicus Capital boosted its holdings in shares of Broadcom by 15.8% during the first quarter. Vicus Capital now owns 4,284 shares of the semiconductor manufacturer's stock valued at $717,000 after acquiring an additional 586 shares during the period. Inscription Capital LLC bought a new stake in Broadcom in the 1st quarter valued at about $133,000. JLB & Associates Inc. boosted its stake in Broadcom by 11.9% during the 1st quarter. JLB & Associates Inc. now owns 8,839 shares of the semiconductor manufacturer's stock valued at $1,480,000 after purchasing an additional 937 shares during the period. Blackston Financial Advisory Group LLC grew its position in Broadcom by 2.9% in the 1st quarter. Blackston Financial Advisory Group LLC now owns 5,413 shares of the semiconductor manufacturer's stock worth $906,000 after purchasing an additional 150 shares during the last quarter. Finally, Fortitude Advisory Group L.L.C. increased its stake in shares of Broadcom by 9.9% in the first quarter. Fortitude Advisory Group L.L.C. now owns 12,983 shares of the semiconductor manufacturer's stock valued at $2,267,000 after purchasing an additional 1,174 shares during the period. 76.43% of the stock is currently owned by institutional investors.
Broadcom Trading Up 1.4%
NASDAQ AVGO opened at $252.10 on Tuesday. The firm's 50 day moving average price is $214.93 and its two-hundred day moving average price is $210.47. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock has a market cap of $1.19 trillion, a price-to-earnings ratio of 205.63, a PEG ratio of 2.29 and a beta of 1.11.
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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.
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 value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on 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 now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 848,334 shares of company stock valued at $163,560,669. Corporate insiders own 2.00% of the company's stock.
Analyst Ratings Changes
Several equities analysts have recently issued reports on the company. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.
Check Out Our Latest Report on Broadcom
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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