Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Rossby Financial LCC

Rossby Financial LCC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 45.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,374 shares of the semiconductor manufacturer’s stock after buying an additional 1,682 shares during the quarter. Rossby Financial LCC’s holdings in Broadcom were worth $900,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the first quarter worth about $25,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter valued at approximately $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last three months. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on AVGO. KeyCorp upped 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. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, June 15th. Barclays upped their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Evercore ISI reissued an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $281.25.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $264.74 on Wednesday. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The business’s 50-day moving average price is $233.52 and its two-hundred day moving average price is $216.44. 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 company has a market capitalization of $1.25 trillion, a P/E ratio of 99.15, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.

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

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

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.