Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Sky Investment Group LLC

Sky Investment Group LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.9% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,957 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,164 shares during the quarter. Sky Investment Group LLC’s holdings in Broadcom were worth $1,835,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of AVGO. Tallon Kerry Patrick purchased a new position in Broadcom in the fourth quarter valued at approximately $357,000. Capital & Planning LLC raised its holdings in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC grew its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC grew its position in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom in the fourth quarter valued at approximately $71,312,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a 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 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 completion of the sale, the insider now owns 465,956 shares in the company, valued at $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. Over the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Broadcom stock opened at $256.07 on Friday. The company has a market cap of $1.20 trillion, a PE ratio of 208.87, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a fifty day moving average price of $211.15 and a two-hundred day moving average price of $208.57. 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 12 month low of $128.50 and a 12 month high of $265.43.

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

Broadcom announced that its Board of Directors has authorized 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

Several brokerages have issued reports on AVGO. UBS Group increased their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a “buy” 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 issued a “buy” rating and a $301.00 price objective for the company. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Bank of America increased their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Company 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.