TigerOak Management L.L.C. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

TigerOak Management L.L.C. raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,633 shares of the semiconductor manufacturer’s stock after purchasing an additional 235 shares during the period. TigerOak Management L.L.C.’s holdings in Broadcom were worth $608,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new position in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction 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 sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 301,468 shares of company stock worth $74,670,250. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AVGO shares. Wall Street Zen lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, June 15th. Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Barclays lifted their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $281.25.

Broadcom Stock Up 0.3%

Shares of NASDAQ:AVGO opened at $264.65 on Thursday. The business’s 50 day moving average is $225.48 and its 200 day moving average is $213.98. The stock has a market cap of $1.24 trillion, a P/E ratio of 99.12, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $269.87. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

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

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 yield of 0.89%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

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.