Johnson Investment Counsel Inc. Buys 3,357 Shares of Broadcom Inc. (NASDAQ:AVGO)

Johnson Investment Counsel Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 143,457 shares of the semiconductor manufacturer’s stock after purchasing an additional 3,357 shares during the period. Johnson Investment Counsel Inc.’s holdings in Broadcom were worth $24,019,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its position in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares during the period. Kovack Advisors Inc. raised its position in Broadcom by 8.1% in the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after purchasing an additional 2,570 shares during the period. SOA Wealth Advisors LLC. lifted its stake in Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock worth $245,000 after purchasing an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC boosted its position in shares of Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after buying an additional 86,884 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Citigroup raised their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Finally, UBS Group boosted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Three 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Stock Up 0.8%

NASDAQ:AVGO opened at $251.26 on Thursday. The company’s 50-day simple moving average is $217.54 and its 200-day simple moving average is $211.02. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.77 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. Broadcom’s revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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 paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its board has initiated a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction 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. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 in the last ninety days. Corporate 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.