Longbow Finance SA Has $26.09 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Longbow Finance SA boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 24.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 155,818 shares of the semiconductor manufacturer’s stock after purchasing an additional 30,444 shares during the quarter. Broadcom comprises about 3.1% of Longbow Finance SA’s portfolio, making the stock its 8th biggest holding. Longbow Finance SA’s holdings in Broadcom were worth $26,089,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its holdings in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after buying an additional 14,399 shares in the last quarter. Diversify Wealth Management LLC raised its holdings in shares of Broadcom by 5.6% during the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer’s stock worth $6,365,000 after buying an additional 2,016 shares in the last quarter. OMNI 360 Wealth Inc. raised its holdings in shares of Broadcom by 51.6% during the 1st quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer’s stock worth $499,000 after buying an additional 1,014 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its holdings in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after buying an additional 86,884 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research analyst reports. Barclays boosted their price target on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. KeyCorp boosted their price target on Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $292.08.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred 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 transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the transaction, the director directly owned 24,582 shares in the company, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 over the last quarter. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 1.8%

NASDAQ AVGO opened at $288.71 on Friday. The business’s 50-day moving average price is $258.82 and its two-hundred day moving average price is $221.76. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $291.20. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.13, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.82%. Broadcom’s payout ratio is 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.