Hartline Investment Corp Acquires 1,790 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hartline Investment Corp boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 47.7% during the first quarter, Holdings Channel.com reports. The firm owned 5,544 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,790 shares during the period. Hartline Investment Corp’s holdings in Broadcom were worth $928,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its stake in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC increased its stake in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp lifted its stake in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last quarter. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AVGO. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. HSBC upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Mizuho upped their price target on shares of Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Oppenheimer raised their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $281.46.

Broadcom Price Performance

AVGO opened at $274.87 on Friday. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The business’s fifty day simple moving average is $238.77 and its 200-day simple moving average is $217.22.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the business earned $10.96 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom’s dividend payout ratio is presently 88.39%.

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.