Csenge Advisory Group Has $3.46 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Csenge Advisory Group lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.9% during the 1st quarter, HoldingsChannel.com reports. The fund owned 20,229 shares of the semiconductor manufacturer’s stock after selling 595 shares during the period. Csenge Advisory Group’s holdings in Broadcom were worth $3,459,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Broadcom in the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC grew its stake in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Broadcom by 46.9% in the 4th 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 during the period. GQG Partners LLC raised its holdings in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. increased its holdings 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 worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 1.1%

Broadcom stock opened at $283.34 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a 50 day moving average price of $254.41 and a 200 day moving average price of $220.33. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $288.28. The company has a market capitalization of $1.33 trillion, a PE ratio of 106.12, a price-to-earnings-growth ratio of 2.04 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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

Wall Street Analyst Weigh In

Several equities analysts have commented on AVGO shares. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Citigroup lifted their target price on Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Monday, July 7th. One 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 stock. According to data from MarketBeat.com, Broadcom has an average rating of “Buy” and a consensus target price of $292.08.

Insider Transactions at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% 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, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by corporate insiders.

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.