FFG Partners LLC Purchases 55,153 Shares of Broadcom Inc. (NASDAQ:AVGO)

FFG Partners LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 2,784.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,134 shares of the semiconductor manufacturer’s stock after acquiring an additional 55,153 shares during the quarter. Broadcom accounts for 3.9% of FFG Partners LLC’s holdings, making the stock its 13th largest holding. FFG Partners LLC’s holdings in Broadcom were worth $9,566,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. SlateStone Wealth LLC lifted its position in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC increased its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 48 shares during the period. Global Strategic Investment Solutions LLC raised its holdings in Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after buying an additional 50 shares during the last quarter. Cascade Financial Partners LLC boosted its position in Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after buying an additional 50 shares during the period. Finally, Samalin Investment Counsel LLC grew its holdings in Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after acquiring an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AVGO shares. Morgan Stanley upped their price objective 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. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday, June 6th. Benchmark boosted their target price on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $281.25.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $264.65 on Thursday. The company has a 50 day simple moving average of $225.48 and a two-hundred day simple moving average of $213.98. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $269.87. The company has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

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

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is 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 given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the sale, the chief executive officer now owns 974,152 shares of the company’s stock, valued at $255,393,429.84. This trade represents a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction 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 $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 301,468 shares of company stock worth $74,670,250 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

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.