Clear Creek Financial Management LLC Acquires 860 Shares of Broadcom Inc. (NASDAQ:AVGO)

Clear Creek Financial Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 8,558 shares of the semiconductor manufacturer’s stock after purchasing an additional 860 shares during the period. Clear Creek Financial Management LLC’s holdings in Broadcom were worth $1,433,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter worth $32,000. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 4.0%

Broadcom stock opened at $264.74 on Wednesday. The firm has a 50 day simple moving average of $233.52 and a 200 day simple moving average of $216.44. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The firm has a market capitalization of $1.25 trillion, a price-to-earnings ratio of 99.15, a P/E/G 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 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company 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 period in the previous year, the business earned $10.96 earnings per share. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has initiated a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on AVGO. Morgan Stanley boosted their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. Benchmark increased their price target on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Citigroup boosted their price objective on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Finally, KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and a consensus target price of $281.25.

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.