Fidelis Capital Partners LLC Buys 188 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fidelis Capital Partners LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,156 shares of the semiconductor manufacturer’s stock after purchasing an additional 188 shares during the quarter. Broadcom accounts for about 0.9% of Fidelis Capital Partners LLC’s holdings, making the stock its 25th biggest holding. Fidelis Capital Partners LLC’s holdings in Broadcom were worth $8,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Seamount Financial Group Inc. raised its stake in shares of Broadcom by 2.3% during the first quarter. Seamount Financial Group Inc. now owns 7,058 shares of the semiconductor manufacturer’s stock worth $1,182,000 after acquiring an additional 161 shares in the last quarter. Genus Capital Management Inc. raised its stake in shares of Broadcom by 113.1% during the first quarter. Genus Capital Management Inc. now owns 8,935 shares of the semiconductor manufacturer’s stock worth $1,496,000 after acquiring an additional 77,401 shares in the last quarter. Joseph Group Capital Management raised its stake in shares of Broadcom by 7.0% during the first quarter. Joseph Group Capital Management now owns 19,035 shares of the semiconductor manufacturer’s stock worth $3,187,000 after acquiring an additional 1,245 shares in the last quarter. Burford Brothers Inc. raised its stake in shares of Broadcom by 14.6% during the first quarter. Burford Brothers Inc. now owns 1,330 shares of the semiconductor manufacturer’s stock worth $223,000 after acquiring an additional 169 shares in the last quarter. Finally, State of Michigan Retirement System raised its stake in shares of Broadcom by 9.4% during the first quarter. State of Michigan Retirement System now owns 1,904,560 shares of the semiconductor manufacturer’s stock worth $318,880,000 after acquiring an additional 163,900 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $275.40 on Friday. 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 business’s 50 day moving average price is $245.29 and its 200-day moving average price is $218.63. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.18. The stock has a market cap of $1.30 trillion, a P/E ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has initiated a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding 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 often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on AVGO. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research note on Thursday. They issued a “buy” rating and a $315.00 target price on the stock. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Susquehanna increased their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $290.21.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is currently owned by corporate insiders.

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.