Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Keystone Financial Services

Keystone Financial Services raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 51.5% during the first quarter, HoldingsChannel.com reports. The firm owned 2,825 shares of the semiconductor manufacturer’s stock after buying an additional 960 shares during the period. Keystone Financial Services’ holdings in Broadcom were worth $473,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC increased its position in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new position in shares of Broadcom during the fourth quarter worth $16,893,010,000. Finally, Northern Trust Corp increased its position in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AVGO shares. Mizuho boosted their price objective on shares of Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. UBS Group boosted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 6th. Wall Street Zen lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, June 15th. Finally, Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Trading Up 1.5%

AVGO stock opened at $253.77 on Tuesday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The stock has a market cap of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. The business’s 50-day moving average is $221.98 and its 200 day moving average is $213.28.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 EPS. Broadcom’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced 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. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated 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. The trade was 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 875,444 shares of company stock worth $172,097,492 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.