Costello Asset Management INC Acquires Shares of 2,490 Broadcom Inc. (NASDAQ:AVGO)

Costello Asset Management INC bought a new position in Broadcom Inc. (NASDAQ:AVGO) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,490 shares of the semiconductor manufacturer’s stock, valued at approximately $417,000.

A number of other large investors have also modified their holdings of AVGO. Encompass More Asset Management raised its holdings in shares of Broadcom by 11.3% during the 1st quarter. Encompass More Asset Management now owns 4,877 shares of the semiconductor manufacturer’s stock valued at $817,000 after buying an additional 496 shares during the period. Horizon Family Wealth Inc. grew its position in Broadcom by 5.1% in the first quarter. Horizon Family Wealth Inc. now owns 4,858 shares of the semiconductor manufacturer’s stock valued at $813,000 after acquiring an additional 237 shares in the last quarter. Advyzon Investment Management LLC raised its stake in shares of Broadcom by 108.2% during the first quarter. Advyzon Investment Management LLC now owns 6,916 shares of the semiconductor manufacturer’s stock valued at $1,158,000 after purchasing an additional 3,594 shares during the period. Plan Group Financial LLC lifted its position in shares of Broadcom by 51.2% during the first quarter. Plan Group Financial LLC now owns 10,796 shares of the semiconductor manufacturer’s stock worth $1,808,000 after purchasing an additional 3,655 shares in the last quarter. Finally, Wills Financial Group LLC purchased a new position in shares of Broadcom in the first quarter valued at $2,996,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at $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 830,516 shares of company stock valued at $217,224,641 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 3.1%

AVGO stock opened at $297.72 on Tuesday. 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 firm’s 50-day simple moving average is $267.94 and its 200 day simple moving average is $224.92. The stock has a market cap of $1.40 trillion, a PE ratio of 111.51, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $306.95.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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 given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s payout ratio is 88.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Broadcom in a report on Thursday, July 10th. They set a “buy” rating and a $315.00 price target for the company. Arete Research raised Broadcom to a “strong-buy” rating in a research report on Monday, July 28th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Cowen restated a “buy” rating on shares of Broadcom in a 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 three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $294.92.

Broadcom 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.