Spirepoint Private Client LLC Buys 2,734 Shares of Broadcom Inc. (NASDAQ:AVGO)

Spirepoint Private Client LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 90,302 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,734 shares during the quarter. Broadcom accounts for about 2.0% of Spirepoint Private Client LLC’s portfolio, making the stock its 8th biggest holding. Spirepoint Private Client LLC’s holdings in Broadcom were worth $15,119,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Broadcom in the 4th quarter valued at $16,893,010,000. GAMMA Investing LLC lifted its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC lifted its holdings in 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 purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in 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 purchasing an additional 6,573,204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $253.77 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market cap of $1.19 trillion, a P/E ratio of 95.04, a P/E/G ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a 50-day moving average of $221.98 and a two-hundred day moving average of $213.28.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has authorized a share 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management 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 given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer now owns 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 875,444 shares of company stock valued at $172,097,492. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on AVGO shares. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $276.09.

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.