Braun Bostich & Associates Inc. Has $1.16 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Braun Bostich & Associates Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,935 shares of the semiconductor manufacturer’s stock after selling 128 shares during the quarter. Braun Bostich & Associates Inc.’s holdings in Broadcom were worth $1,161,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several brokerages have commented on AVGO. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Morgan Stanley raised their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Finally, Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Price Performance

Shares of AVGO opened at $252.91 on Thursday. The company has a market capitalization of $1.19 trillion, a P/E ratio of 206.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average of $209.12 and a 200 day moving average of $207.94. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has approved a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

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.