Broadcom Inc. (NASDAQ:AVGO) Stock Position Increased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP increased its holdings in Broadcom Inc. by 3.2%, bringing their total to approximately 1,398,303 shares valued at $234 million.
• Broadcom's CFO sold 36,350 shares and the CEO sold 40,000 shares, indicating a decrease in their respective holdings amidst broader insider sales totaling over $217 million in the last ninety days.
• Analysts have given Broadcom an overall consensus rating of "Buy", with target price estimations now ranging from $300 to $330, reflecting increased confidence in the company's performance.

Westfield Capital Management Co. LP increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,398,303 shares of the semiconductor manufacturer's stock after buying an additional 43,326 shares during the period. Broadcom comprises approximately 1.1% of Westfield Capital Management Co. LP's investment portfolio, making the stock its 16th largest holding. Westfield Capital Management Co. LP's holdings in Broadcom were worth $234,118,000 as of its most recent SEC filing.

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

Broadcom Stock Down 1.9%

Shares of AVGO stock traded down $5.51 during trading hours on Tuesday, reaching $292.21. The company had a trading volume of 5,473,129 shares, compared to its average volume of 26,669,836. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $306.95. The stock's fifty day simple moving average is $267.94 and its 200 day simple moving average is $224.92. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.37 trillion, a P/E ratio of 109.77, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. KeyCorp boosted their target price on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Finally, Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $294.92.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom 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 completion of the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction that occurred 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 sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by insiders.

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.