Petredis Investment Advisors LLC Purchases 1,156 Shares of Broadcom Inc. (NASDAQ:AVGO)

Petredis Investment Advisors LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,162 shares of the semiconductor manufacturer’s stock after buying an additional 1,156 shares during the period. Broadcom comprises 1.1% of Petredis Investment Advisors LLC’s portfolio, making the stock its 22nd largest holding. Petredis Investment Advisors LLC’s holdings in Broadcom were worth $10,073,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. SlateStone Wealth LLC raised its position in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC grew its stake in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after purchasing an additional 48 shares during the period. DT Investment Partners LLC raised its holdings in shares of Broadcom by 0.9% in the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock worth $1,251,000 after buying an additional 50 shares in the last quarter. Bfsg LLC raised its holdings in shares of Broadcom by 12.5% in the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 50 shares in the last quarter. Finally, Global Strategic Investment Solutions LLC boosted its stake in Broadcom by 1.5% in the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after buying an additional 50 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have issued reports on AVGO. Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Price Performance

AVGO opened at $244.63 on Wednesday. The company has a fifty day moving average price of $206.98 and a two-hundred day moving average price of $207.63. The firm has a market capitalization of $1.15 trillion, a PE ratio of 199.54, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. 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 (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s dividend payout ratio is 88.39%.

Broadcom 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.