Pullen Investment Management LLC Acquires 101 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pullen Investment Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,010 shares of the semiconductor manufacturer’s stock after acquiring an additional 101 shares during the quarter. Pullen Investment Management LLC’s holdings in Broadcom were worth $504,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Canton Hathaway LLC acquired a new position in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $248.70 on Friday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company’s fifty day simple moving average is $213.01 and its 200-day simple moving average is $209.15. The firm has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G 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.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 company 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted $10.96 EPS. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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 paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Barclays increased their price target on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. Finally, Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company’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 sale, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, 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 have sold a total of 730,576 shares of company stock worth $133,778,494 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.