Cannon Advisors Inc. Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Cannon Advisors Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the first quarter, Holdings Channel.com reports. The firm owned 3,664 shares of the semiconductor manufacturer’s stock after buying an additional 82 shares during the quarter. Cannon Advisors Inc.’s holdings in Broadcom were worth $613,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter worth $25,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter worth approximately $26,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter valued at approximately $30,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVGO. Mizuho upped their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Morgan Stanley upped their price target on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Finally, Oppenheimer boosted their price objective on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $281.25.

Broadcom Stock Performance

Shares of AVGO stock opened at $269.90 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock’s 50-day moving average price is $235.38 and its 200 day moving average price is $216.81. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $277.71. The stock has a market capitalization of $1.27 trillion, a PE ratio of 101.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

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.