Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Sky Investment Group LLC

Sky Investment Group LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,957 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,164 shares during the quarter. Sky Investment Group LLC’s holdings in Broadcom were worth $1,835,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tobam raised its holdings in Broadcom by 153.1% during the first quarter. Tobam now owns 17,548 shares of the semiconductor manufacturer’s stock worth $2,938,000 after purchasing an additional 10,614 shares in the last quarter. RFG Holdings Inc. raised its holdings in Broadcom by 10.8% during the first quarter. RFG Holdings Inc. now owns 6,181 shares of the semiconductor manufacturer’s stock worth $1,037,000 after purchasing an additional 601 shares in the last quarter. Legacy Trust raised its holdings in Broadcom by 58.7% during the first quarter. Legacy Trust now owns 2,244 shares of the semiconductor manufacturer’s stock worth $376,000 after purchasing an additional 830 shares in the last quarter. Thomasville National Bank raised its holdings in Broadcom by 38.8% during the first quarter. Thomasville National Bank now owns 3,045 shares of the semiconductor manufacturer’s stock worth $510,000 after purchasing an additional 851 shares in the last quarter. Finally, Rockland Trust Co. raised its holdings in Broadcom by 17.1% during the first quarter. Rockland Trust Co. now owns 3,042 shares of the semiconductor manufacturer’s stock worth $509,000 after purchasing an additional 445 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

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

Broadcom Price Performance

Broadcom stock opened at $256.07 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. 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 firm’s 50-day simple moving average is $211.15 and its 200 day simple moving average is $208.57. The firm has a market capitalization of $1.20 trillion, a PE ratio of 208.87, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.92%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Analysts Set New Price Targets

A number of analysts have weighed in on AVGO shares. Wall Street Zen raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, June 7th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Finally, Susquehanna raised their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

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.