Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Armbruster Capital Management Inc.

Armbruster Capital Management Inc. increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 7.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,338 shares of the semiconductor manufacturer’s stock after buying an additional 220 shares during the period. Armbruster Capital Management Inc.’s holdings in Broadcom were worth $559,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Southland Equity Partners LLC increased its position in Broadcom by 10.1% in the first quarter. Southland Equity Partners LLC now owns 2,952 shares of the semiconductor manufacturer’s stock worth $494,000 after buying an additional 271 shares during the period. Stock Yards Bank & Trust Co. boosted its stake in Broadcom by 1.1% during the 1st quarter. Stock Yards Bank & Trust Co. now owns 294,791 shares of the semiconductor manufacturer’s stock valued at $49,357,000 after purchasing an additional 3,179 shares during the period. Griffin Asset Management Inc. boosted its stake in Broadcom by 12.1% during the 1st quarter. Griffin Asset Management Inc. now owns 18,677 shares of the semiconductor manufacturer’s stock valued at $3,127,000 after purchasing an additional 2,015 shares during the period. Bernard Wealth Management Corp. boosted its stake in Broadcom by 5.2% during the 1st quarter. Bernard Wealth Management Corp. now owns 1,452 shares of the semiconductor manufacturer’s stock valued at $243,000 after purchasing an additional 72 shares during the period. Finally, BNC Wealth Management LLC acquired a new position in Broadcom during the 1st quarter valued at about $1,346,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Down 2.9%

AVGO stock opened at $248.70 on Friday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The firm has a 50 day simple moving average of $213.01 and a 200 day simple moving average of $209.15. 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 (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the business earned $10.96 earnings per share. The business’s quarterly revenue was up 20.2% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Wells Fargo & Company boosted their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Bank of America boosted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. Finally, Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is owned by corporate insiders.

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.