Spirit of America Management Corp NY Purchases 100 Shares of Broadcom Inc. (NASDAQ:AVGO)

Spirit of America Management Corp NY lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 2.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,700 shares of the semiconductor manufacturer’s stock after purchasing an additional 100 shares during the period. Spirit of America Management Corp NY’s holdings in Broadcom were worth $619,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter valued at $32,000. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

AVGO opened at $251.26 on Friday. The stock has a 50-day moving average price of $219.11 and a 200-day moving average price of $211.61. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.18 trillion, a PE ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s payout ratio is 88.39%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on AVGO shares. Mizuho lifted their price target on shares of Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. William Blair reiterated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $276.09.

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.