Sovereign Financial Group Inc. Has $1.11 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Sovereign Financial Group Inc. raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 6,630 shares of the semiconductor manufacturer’s stock after purchasing an additional 706 shares during the period. Sovereign Financial Group Inc.’s holdings in Broadcom were worth $1,110,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. SlateStone Wealth LLC lifted its position in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after buying an additional 47 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 48 shares in the last quarter. DT Investment Partners LLC lifted its position in shares of Broadcom by 0.9% during the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock worth $1,251,000 after buying an additional 50 shares in the last quarter. Bfsg LLC lifted its position in shares of 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 in the last quarter. Finally, Global Strategic Investment Solutions LLC lifted its position in shares of Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock worth $782,000 after buying an additional 50 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on AVGO. Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday. UBS Group upped their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday. Finally, Susquehanna upped their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $270.25.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 5.0%

Shares of AVGO stock opened at $246.95 on Friday. The company’s fifty day simple moving average is $203.73 and its two-hundred day simple moving average is $206.22. 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 Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s payout ratio is currently 113.46%.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

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.