Pallas Capital Advisors LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pallas Capital Advisors LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 140,191 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,852 shares during the period. Broadcom makes up about 1.0% of Pallas Capital Advisors LLC’s holdings, making the stock its 13th biggest position. Pallas Capital Advisors LLC’s holdings in Broadcom were worth $23,472,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Tallon Kerry Patrick purchased a new position in Broadcom during the fourth quarter worth about $357,000. Capital & Planning LLC boosted its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC grew its holdings in shares of Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC grew its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Broadcom during the 4th quarter valued at about $71,312,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 5.0%

NASDAQ:AVGO opened at $246.95 on Monday. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company’s 50 day moving average price is $203.73 and its 200-day moving average price is $206.81. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly 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. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.96 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding 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 leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on AVGO shares. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday. Barclays decreased their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. UBS Group upped their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday. Citigroup reiterated a “buy” rating and set a $276.00 price target (up previously from $210.00) on shares of Broadcom in a research report on Tuesday, June 3rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $270.25.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

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.