Central Valley Advisors LLC Has $893,000 Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Central Valley Advisors LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,336 shares of the semiconductor manufacturer’s stock after buying an additional 538 shares during the period. Central Valley Advisors LLC’s holdings in Broadcom were worth $893,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter worth about $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

Broadcom Stock Down 1.1%

Shares of NASDAQ AVGO opened at $244.28 on Tuesday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The firm’s 50-day moving average is $205.17 and its 200-day moving average is $207.37. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.15 trillion, a PE ratio of 199.25, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.97%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Citigroup lifted their target price on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a research report on Friday. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note 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 stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average 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.