Riggs Asset Managment Co. Inc. Purchases 73 Shares of Broadcom Inc. (NASDAQ:AVGO)

Riggs Asset Managment Co. Inc. grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,382 shares of the semiconductor manufacturer’s stock after buying an additional 73 shares during the quarter. Broadcom makes up about 1.9% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 12th biggest position. Riggs Asset Managment Co. Inc.’s holdings in Broadcom were worth $6,761,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVGO. Brighton Jones LLC grew its stake in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after purchasing an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE lifted its position in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock worth $5,917,000 after purchasing an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its position in shares of Broadcom by 46.2% during the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock worth $4,528,000 after purchasing an additional 6,168 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 1.8%

AVGO opened at $274.87 on Friday. The firm’s fifty day moving average is $238.77 and its two-hundred day moving average is $217.17. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71.

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

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

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

Insider Buying and Selling

In other news, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 represents a 8.25% 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 valued at $221,433,761. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. JPMorgan Chase & Co. upped 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, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Oppenheimer upped 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. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $281.46.

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.