Sentry LLC Acquires 327 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sentry LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,307 shares of the semiconductor manufacturer’s stock after purchasing an additional 327 shares during the quarter. Sentry LLC’s holdings in Broadcom were worth $386,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Highline Wealth Partners LLC lifted its stake in shares of Broadcom by 26.3% in the 1st quarter. Highline Wealth Partners LLC now owns 341 shares of the semiconductor manufacturer’s stock valued at $57,000 after acquiring an additional 71 shares during the last quarter. Precision Wealth Strategies LLC grew its holdings in shares of Broadcom by 21.1% during the 1st quarter. Precision Wealth Strategies LLC now owns 15,387 shares of the semiconductor manufacturer’s stock worth $2,576,000 after acquiring an additional 2,680 shares during the period. Sagespring Wealth Partners LLC grew its holdings in shares of Broadcom by 10.0% during the 1st quarter. Sagespring Wealth Partners LLC now owns 73,095 shares of the semiconductor manufacturer’s stock worth $12,238,000 after acquiring an additional 6,646 shares during the period. Precedent Wealth Partners LLC grew its holdings in shares of Broadcom by 3.5% during the 1st quarter. Precedent Wealth Partners LLC now owns 18,063 shares of the semiconductor manufacturer’s stock worth $3,024,000 after acquiring an additional 614 shares during the period. Finally, Great Lakes Retirement Inc. grew its holdings in shares of Broadcom by 0.6% during the 1st quarter. Great Lakes Retirement Inc. now owns 25,386 shares of the semiconductor manufacturer’s stock worth $4,250,000 after acquiring an additional 141 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Citigroup increased their target price on Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, June 9th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Stock Down 2.9%

Broadcom stock opened at $248.70 on Monday. The business has a fifty day moving average of $213.01 and a two-hundred day moving average of $209.85. 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 has a market cap of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

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

Broadcom Dividend Announcement

The business also recently declared 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. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a share 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 purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 730,576 shares of company stock valued at $133,778,494. Company insiders own 2.00% of the company’s stock.

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.