Drake & Associates LLC Purchases 2,185 Shares of Broadcom Inc. (NASDAQ:AVGO)

Drake & Associates LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 24.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 11,127 shares of the semiconductor manufacturer’s stock after buying an additional 2,185 shares during the quarter. Broadcom comprises about 0.5% of Drake & Associates LLC’s investment portfolio, making the stock its 28th largest position. Drake & Associates LLC’s holdings in Broadcom were worth $1,863,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after buying an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its holdings in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Coppell Advisory Solutions LLC lifted its stake in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after acquiring an additional 86,884 shares during the period. Colonial Trust Co SC boosted its holdings in Broadcom by 14.6% in the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer’s stock valued at $2,338,000 after acquiring an additional 1,285 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Broadcom by 7.3% in the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer’s stock valued at $624,970,000 after acquiring an additional 183,474 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company’s stock, valued at $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 854,716 shares of company stock worth $221,433,761. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on AVGO shares. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Mizuho increased their target price on Broadcom from $310.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $281.46.

Broadcom Price Performance

AVGO opened at $274.87 on Friday. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The stock has a 50-day moving average price of $238.77 and a 200-day moving average price of $217.17. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

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, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom’s dividend payout ratio is 88.39%.

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.