Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Essex LLC

Essex LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 95.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,806 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,368 shares during the period. Essex LLC’s holdings in Broadcom were worth $470,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Altus Wealth Group LLC boosted its stake in Broadcom by 3.9% during the first quarter. Altus Wealth Group LLC now owns 15,822 shares of the semiconductor manufacturer’s stock worth $2,649,000 after buying an additional 599 shares during the period. RedJay Asset Management Inc. acquired a new stake in shares of Broadcom in the first quarter valued at $2,143,000. Red Door Wealth Management LLC raised its holdings in shares of Broadcom by 251.5% in the 1st quarter. Red Door Wealth Management LLC now owns 22,572 shares of the semiconductor manufacturer’s stock valued at $3,779,000 after buying an additional 16,150 shares during the period. Insight Inv LLC raised its stake in shares of Broadcom by 28.1% in the first quarter. Insight Inv LLC now owns 2,715 shares of the semiconductor manufacturer’s stock valued at $455,000 after acquiring an additional 595 shares in the last quarter. Finally, MorganRosel Wealth Management LLC acquired a new position in Broadcom during the 1st quarter worth approximately $41,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last three months. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on AVGO shares. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Citigroup lifted their price target 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. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $281.25.

Broadcom Price Performance

NASDAQ:AVGO opened at $275.65 on Tuesday. The business’s 50-day moving average price is $231.62 and its 200 day moving average price is $216.10. The firm has a market cap of $1.30 trillion, a P/E ratio of 103.24, a PEG ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $277.71. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released 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. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.96 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a stock buyback 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom’s dividend payout ratio is currently 88.39%.

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.