Burns J W & Co. Inc. NY Has $1.83 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Burns J W & Co. Inc. NY raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 19.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,955 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,775 shares during the period. Burns J W & Co. Inc. NY’s holdings in Broadcom were worth $1,834,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of AVGO. Canton Hathaway LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO stock opened at $239.50 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88. The company has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. The company has a 50-day simple moving average of $195.38 and a 200 day simple moving average of $203.23. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AVGO shares. Bank of America cut their price target on Broadcom from $260.00 to $240.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Susquehanna boosted their target price on Broadcom from $250.00 to $280.00 and gave the company a “positive” rating in a research note on Thursday. Mizuho raised their price target on shares of Broadcom from $250.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday. Benchmark reiterated a “buy” rating and issued a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Finally, KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $238.77.

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.