Accelerate Investment Advisors LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Accelerate Investment Advisors LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 47.5% in the 1st quarter, HoldingsChannel reports. The fund owned 3,053 shares of the semiconductor manufacturer’s stock after buying an additional 983 shares during the quarter. Accelerate Investment Advisors LLC’s holdings in Broadcom were worth $511,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AVGO. SlateStone Wealth LLC lifted its holdings in shares of Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC increased its stake in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares during the period. Bfsg LLC raised its position in Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock worth $105,000 after buying an additional 50 shares during the last quarter. Global Strategic Investment Solutions LLC lifted its stake in shares of Broadcom by 1.5% in the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock worth $782,000 after acquiring an additional 50 shares during the period. Finally, Cascade Financial Partners LLC boosted its holdings in shares of Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale 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 dated 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 sale, the insider now directly owns 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 848,334 shares of company stock valued at $163,560,669. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 1.1%

Shares of Broadcom stock opened at $249.37 on Wednesday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The business’s fifty day moving average is $216.21 and its two-hundred day moving average is $210.74. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.17 trillion, a PE ratio of 93.40, a P/E/G ratio of 1.79 and a beta of 1.11.

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 return on equity of 35.49% and a net margin of 22.64%. The firm 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 firm posted $10.96 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued 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 0.95%. Broadcom’s payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AVGO shares. Citigroup raised their price objective on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $276.09.

About Broadcom

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.