Paragon Capital Management Ltd Takes $629,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Paragon Capital Management Ltd bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,754 shares of the semiconductor manufacturer’s stock, valued at approximately $629,000.

A number of other institutional investors also recently modified their holdings of the business. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter worth about $32,000. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now directly 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 position. 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 quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $256.07 on Friday. The company has a market capitalization of $1.20 trillion, a PE ratio of 208.87, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a 50 day simple moving average of $211.15 and a two-hundred day simple moving average of $208.57. 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 fifty-two week low of $128.50 and a fifty-two week high of $265.43.

Broadcom (NASDAQ:AVGO) last released its 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. 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 company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 0.92%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AVGO. Mizuho upped their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Friday, June 6th. Barclays upped their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $272.71.

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.