Mason & Associates Inc Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Mason & Associates Inc lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 6,105 shares of the semiconductor manufacturer’s stock after buying an additional 578 shares during the period. Mason & Associates Inc’s holdings in Broadcom were worth $1,022,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of research firms have recently commented on AVGO. Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Susquehanna increased their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 730,576 shares of company stock worth $133,778,494. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 2.9%

AVGO opened at $248.70 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The firm’s 50 day simple moving average is $213.01 and its two-hundred day simple moving average is $209.85.

Broadcom (NASDAQ:AVGO) last released its quarterly 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. The company’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.95%. Broadcom’s payout ratio is presently 88.39%.

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

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.