Bay Colony Advisory Group Inc d b a Bay Colony Advisors Buys 3,741 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 17.4% during the 1st quarter, HoldingsChannel.com reports. The fund owned 25,193 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,741 shares during the period. Broadcom accounts for 0.6% of Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ portfolio, making the stock its 24th biggest position. Bay Colony Advisory Group Inc d b a Bay Colony Advisors’ holdings in Broadcom were worth $4,261,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC boosted its position in Broadcom by 3.0% during 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 acquiring an additional 3,018,294 shares during the last quarter. FMR LLC grew its holdings in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp boosted its position in shares of Broadcom by 12.0% during 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 purchasing an additional 5,258,925 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on AVGO shares. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Sunday. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Stock Performance

Shares of Broadcom stock opened at $251.26 on Thursday. The business’s fifty day simple moving average is $217.54 and its 200 day simple moving average is $211.02. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released 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 company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $10.96 EPS. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 in the last three months. Company insiders own 2.00% of the company’s stock.

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.