Weaver Capital Management LLC Has $7.02 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Weaver Capital Management LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,899 shares of the semiconductor manufacturer's stock after buying an additional 8,950 shares during the quarter. Broadcom makes up about 1.9% of Weaver Capital Management LLC's investment portfolio, making the stock its 10th largest position. Weaver Capital Management LLC's holdings in Broadcom were worth $7,015,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Tallon Kerry Patrick acquired a new stake in shares of Broadcom during the fourth quarter worth approximately $357,000. Capital & Planning LLC grew its position in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its holdings in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC raised its position in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in Broadcom in the 4th quarter valued at $71,312,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of Broadcom stock opened at $249.99 on Friday. 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 market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The stock's 50-day moving average is $220.48 and its 200-day moving average is $212.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the firm posted $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock valued at $163,760,949 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company raised their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Bank of America raised their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Three 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, the stock has an average rating of "Moderate Buy" and an average target price of $276.09.

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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