Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Palisade Asset Management LLC

Palisade Asset Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,963 shares of the semiconductor manufacturer’s stock after buying an additional 165 shares during the period. Palisade Asset Management LLC’s holdings in Broadcom were worth $496,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC boosted its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its holdings in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of 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 buying an additional 6,573,204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 1.5%

Shares of AVGO opened at $253.77 on Tuesday. The stock has a fifty day simple moving average of $221.98 and a two-hundred day simple moving average of $213.28. 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 company has a market capitalization of $1.19 trillion, a PE ratio of 95.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $10.96 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes 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 board believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% 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, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 875,444 shares of company stock worth $172,097,492. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. UBS Group increased their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Citigroup lifted 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. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Finally, Mizuho lifted their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

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.