Fielder Capital Group LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Fielder Capital Group LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 18.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,687 shares of the semiconductor manufacturer’s stock after acquiring an additional 418 shares during the period. Fielder Capital Group LLC’s holdings in Broadcom were worth $450,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after acquiring an additional 756 shares during the period. Bank Pictet & Cie Europe AG lifted its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE lifted its position in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after acquiring an additional 322 shares during the period. Finally, Maridea Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $316,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on AVGO. Barclays lifted their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Mizuho upped their price target on shares of Broadcom from $315.00 to $320.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Finally, Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Buy” and a consensus price target of $292.08.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the stock in a transaction on Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director owned 24,582 shares of the company’s stock, valued at $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on 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 completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $290.18 on Monday. Broadcom Inc. has a one year low of $128.50 and a one year high of $292.59. The company has a 50 day moving average price of $260.05 and a 200 day moving average price of $222.08. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

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

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Broadcom announced that its board has authorized a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are 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.