Spinnaker Investment Group LLC Has $3.38 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Spinnaker Investment Group LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,185 shares of the semiconductor manufacturer’s stock after buying an additional 473 shares during the quarter. Broadcom makes up approximately 0.8% of Spinnaker Investment Group LLC’s portfolio, making the stock its 16th biggest position. Spinnaker Investment Group LLC’s holdings in Broadcom were worth $3,380,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SlateStone Wealth LLC grew its stake in shares of Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after purchasing an additional 48 shares during the last quarter. Global Strategic Investment Solutions LLC grew its stake in shares of Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock worth $782,000 after purchasing an additional 50 shares during the last quarter. Cascade Financial Partners LLC grew its stake in shares of Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock worth $668,000 after purchasing an additional 50 shares during the last quarter. Finally, Samalin Investment Counsel LLC grew its stake in shares of Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after purchasing an additional 50 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 819,134 shares of company stock worth $157,921,449. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on AVGO. Citigroup raised their target price on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Price Performance

AVGO stock opened at $249.99 on Monday. The firm has a 50 day moving average price of $220.48 and a 200-day moving average price of $212.76. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a market capitalization 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 debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business earned $10.96 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued 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 dividend yield of 0.94%. Broadcom’s payout ratio is 88.39%.

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.