Intact Investment Management Inc. Acquires 3,300 Shares of Broadcom Inc. (NASDAQ:AVGO)

Intact Investment Management Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO) by 3.3% during the first quarter, HoldingsChannel reports. The firm owned 103,400 shares of the semiconductor manufacturer’s stock after buying an additional 3,300 shares during the period. Intact Investment Management Inc.’s holdings in Broadcom were worth $17,312,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $32,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Rosenblatt Securities boosted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Citigroup boosted their target price on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Stock Performance

NASDAQ AVGO opened at $249.99 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11. The company has a fifty day moving average price of $220.48 and a 200-day moving average price of $212.46.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 25,382 shares in the company, valued at $6,354,383.70. This represents a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock worth $163,760,949 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.