Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Alta Capital Management LLC

Alta Capital Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 210.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 213,612 shares of the semiconductor manufacturer’s stock after purchasing an additional 144,834 shares during the period. Broadcom comprises 2.3% of Alta Capital Management LLC’s portfolio, making the stock its 18th largest holding. Alta Capital Management LLC’s holdings in Broadcom were worth $35,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC boosted its stake in 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 acquiring an additional 3,018,294 shares in the last quarter. FMR LLC boosted its stake in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a 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 given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $250.35, for a total value of $200,280.00. Following the sale, the director now directly owns 25,382 shares in the company, valued at $6,354,383.70. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on 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 $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 849,134 shares of company stock valued at $163,760,949. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.8%

NASDAQ AVGO opened at $251.26 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. The firm has a 50-day moving average price of $219.11 and a 200 day moving average price of $211.61.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $14.98 billion. During the same period last year, the company posted $10.96 earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts expect 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 issued 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 yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has approved 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.