Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Burns Matteson Capital Management LLC

Burns Matteson Capital Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,704 shares of the semiconductor manufacturer’s stock after buying an additional 289 shares during the quarter. Burns Matteson Capital Management LLC’s holdings in Broadcom were worth $453,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the 4th quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at about $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.0%

Shares of AVGO opened at $280.81 on Thursday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $283.59. The company’s fifty day moving average is $251.34 and its two-hundred day moving average is $219.63. The firm has a market cap of $1.32 trillion, a PE ratio of 105.17, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. 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 issued its 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company posted $10.96 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Mizuho raised their price target on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $292.08.

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.