Stanley Laman Group Ltd. Acquires 1,330 Shares of Broadcom Inc. (NASDAQ:AVGO)

Stanley Laman Group Ltd. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 15,479 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,330 shares during the period. Stanley Laman Group Ltd.’s holdings in Broadcom were worth $2,592,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its position in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the period. FMR LLC grew its position in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in Broadcom during the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp raised its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% 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 over the last three months. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on AVGO shares. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Barclays boosted their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday. 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. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Two investment 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.com, 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 $256.07 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company’s fifty day simple moving average is $211.15 and its 200 day simple moving average is $208.57. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market cap of $1.20 trillion, a price-to-earnings ratio of 208.87, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm 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 $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.92%. Broadcom’s 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.