GraniteShares Advisors LLC Has $2.66 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

GraniteShares Advisors LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,882 shares of the semiconductor manufacturer’s stock after selling 2,151 shares during the quarter. Broadcom comprises 1.7% of GraniteShares Advisors LLC’s investment portfolio, making the stock its 24th biggest position. GraniteShares Advisors LLC’s holdings in Broadcom were worth $2,659,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Kovack Advisors Inc. raised its stake in Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after acquiring an additional 2,570 shares in the last quarter. SOA Wealth Advisors LLC. raised its stake in Broadcom by 50.6% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock worth $245,000 after acquiring an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in Broadcom by 1,512.3% during 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 in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on AVGO. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Susquehanna boosted their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $272.71.

Broadcom Price Performance

Shares of AVGO opened at $256.07 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business’s 50 day moving average price is $211.15 and its two-hundred day moving average price is $208.57. The firm has a market cap of $1.20 trillion, a PE ratio of 208.87, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the firm earned $10.96 earnings per share. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the 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 directly owns 465,956 shares of the company’s stock, 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. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is owned by company insiders.

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.