Greenwood Capital Associates LLC Purchases 8,559 Shares of Broadcom Inc. (NASDAQ:AVGO)

Greenwood Capital Associates LLC grew its position in Broadcom Inc. (NASDAQ:AVGO) by 18.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 55,554 shares of the semiconductor manufacturer’s stock after buying an additional 8,559 shares during the period. Broadcom accounts for about 1.3% of Greenwood Capital Associates LLC’s portfolio, making the stock its 16th largest position. Greenwood Capital Associates LLC’s holdings in Broadcom were worth $9,301,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. The trade was a 2.96% 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, insider Mark David Brazeal sold 25,000 shares of the company’s 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 transaction, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

NASDAQ:AVGO opened at $252.91 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a 50 day moving average price of $209.12 and a 200-day moving average price of $207.94. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 206.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has initiated a stock buyback 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 repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid 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 0.93%. Broadcom’s dividend payout ratio is presently 88.39%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on AVGO shares. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Rosenblatt Securities upped their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. 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. Finally, Morgan Stanley boosted their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $272.71.

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.