MADDEN SECURITIES Corp Acquires 7,532 Shares of Broadcom Inc. (NASDAQ:AVGO)

MADDEN SECURITIES Corp grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 116.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,975 shares of the semiconductor manufacturer’s stock after purchasing an additional 7,532 shares during the period. MADDEN SECURITIES Corp’s holdings in Broadcom were worth $2,340,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

AVGO stock opened at $244.28 on Tuesday. The firm has a market cap 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. 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 stock has a 50-day moving average price of $205.17 and a 200-day moving average price of $207.37. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid 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 yield of 0.97%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. KeyCorp lifted their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Morgan Stanley raised their price objective on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $272.71.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction 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 transaction, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. The trade was a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Insiders own 2.00% of the company’s stock.

Broadcom 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.