Hexagon Capital Partners LLC Acquires 187 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hexagon Capital Partners LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,136 shares of the semiconductor manufacturer’s stock after acquiring an additional 187 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Broadcom were worth $358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the fourth quarter valued at $30,000. Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter worth $32,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter worth $25,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.8%

Shares of NASDAQ:AVGO opened at $274.87 on Friday. The stock has a 50 day moving average of $238.77 and a 200 day moving average of $217.17. The company has a market cap of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. 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 (NASDAQ:AVGO) last issued 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 business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.96 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom’s dividend payout ratio is presently 88.39%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company’s stock, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Finally, Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $281.46.

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.