Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Cypress Capital Group

Cypress Capital Group raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,799 shares of the semiconductor manufacturer’s stock after acquiring an additional 261 shares during the quarter. Broadcom makes up about 1.2% of Cypress Capital Group’s holdings, making the stock its 23rd largest holding. Cypress Capital Group’s holdings in Broadcom were worth $9,008,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom in the 1st quarter worth $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter worth $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 0.4%

Shares of AVGO stock opened at $304.97 on Monday. The business’s fifty day moving average price is $272.87 and its 200 day moving average price is $226.63. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $310.34. The firm has a market capitalization of $1.43 trillion, a PE ratio of 114.22, a P/E/G ratio of 2.17 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate 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 period in the previous year, the business earned $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on AVGO shares. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday. Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. Citigroup raised their price objective on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Finally, Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $294.92.

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.