Union Bancaire Privee UBP SA Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Union Bancaire Privee UBP SA raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 118.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 684,538 shares of the semiconductor manufacturer’s stock after acquiring an additional 371,451 shares during the quarter. Broadcom makes up about 2.6% of Union Bancaire Privee UBP SA’s investment portfolio, making the stock its 9th biggest position. Union Bancaire Privee UBP SA’s holdings in Broadcom were worth $113,559,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Canton Hathaway LLC bought a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO opened at $252.91 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company’s fifty day simple moving average is $209.12 and its 200 day simple moving average is $207.94. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 206.29, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

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

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. Broadcom’s payout ratio is currently 88.39%.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday. Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Wells Fargo & Company upped their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Finally, Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

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.