Pinion Investment Advisors LLC Has $5.03 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pinion Investment Advisors LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 97.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,012 shares of the semiconductor manufacturer’s stock after buying an additional 14,804 shares during the quarter. Broadcom accounts for approximately 1.1% of Pinion Investment Advisors LLC’s holdings, making the stock its 19th largest holding. Pinion Investment Advisors LLC’s holdings in Broadcom were worth $5,025,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AVGO. Norges Bank bought a new position in Broadcom during the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC increased its holdings in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its holdings in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Mizuho raised their price objective on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Cowen restated a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Oppenheimer raised their price objective on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock valued at $133,778,494 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $248.70 on Friday. The company’s 50 day simple moving average is $213.01 and its 200 day simple moving average is $209.50. The stock has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

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

Broadcom Dividend Announcement

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

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

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.