Dividend Assets Capital LLC Has $3.50 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Dividend Assets Capital LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,113.7% during the first quarter, Holdings Channel.com reports. The firm owned 20,876 shares of the semiconductor manufacturer’s stock after buying an additional 19,156 shares during the period. Dividend Assets Capital LLC’s holdings in Broadcom were worth $3,495,000 as of its most recent SEC filing.

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

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $244.28 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.15 trillion, a P/E ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The business has a fifty day simple moving average of $205.17 and a 200 day simple moving average of $207.37.

Broadcom (NASDAQ:AVGO) last issued 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. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.97%. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Bank of America raised their price target on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday. Evercore ISI lifted their target price on Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research report on Friday. Mizuho boosted their price target on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $272.71.

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.