Cable Hill Partners LLC Acquires 291 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cable Hill Partners LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,237 shares of the semiconductor manufacturer’s stock after acquiring an additional 291 shares during the quarter. Broadcom makes up approximately 0.3% of Cable Hill Partners LLC’s holdings, making the stock its 21st largest position. Cable Hill Partners LLC’s holdings in Broadcom were worth $3,053,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at approximately $30,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $32,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 828,916 shares of company stock worth $216,785,761 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $280.94 on Wednesday. The business’s fifty day moving average price is $249.82 and its 200-day moving average price is $219.20. The stock has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.22, a PEG ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced 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 0.84%. Broadcom’s dividend payout ratio is currently 88.39%.

Analysts Set New Price Targets

A number of brokerages have recently commented on AVGO. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. The Goldman Sachs Group began coverage on Broadcom in a research report on Thursday, July 10th. They issued a “buy” rating and a $315.00 price target on the stock. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Finally, Benchmark boosted their price target on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $292.08.

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.