First City Capital Management Inc. Purchases 405 Shares of Broadcom Inc. (NASDAQ:AVGO)

First City Capital Management Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO) by 30.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,730 shares of the semiconductor manufacturer’s stock after acquiring an additional 405 shares during the period. First City Capital Management Inc.’s holdings in Broadcom were worth $290,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of AVGO. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% in the first 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC increased its holdings in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. 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 valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on AVGO. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price for the company. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Friday. Barclays lowered their target price on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Finally, Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $270.25.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $246.95 on Friday. The company’s 50 day moving average price is $203.73 and its two-hundred day moving average price is $206.22. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The firm has a market cap of $1.16 trillion, a PE 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.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm 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 business posted $10.96 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s payout ratio is presently 113.46%.

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

Insiders Place Their Bets

In other news, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.