Broadcom Inc. (NASDAQ:AVGO) Stake Raised by West Branch Capital LLC

West Branch Capital LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.0% in the first quarter, HoldingsChannel reports. The fund owned 30,692 shares of the semiconductor manufacturer’s stock after buying an additional 2,779 shares during the quarter. Broadcom accounts for 1.7% of West Branch Capital LLC’s portfolio, making the stock its 17th biggest holding. West Branch Capital LLC’s holdings in Broadcom were worth $5,139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Canton Hathaway LLC purchased a new position in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares of the company’s stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $248.70 on Friday. The company’s fifty day moving average is $213.01 and its two-hundred day moving average is $209.15. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, KeyCorp raised 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 investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

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.