Rogco LP Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Rogco LP boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,321 shares of the semiconductor manufacturer’s stock after purchasing an additional 389 shares during the quarter. Rogco LP’s holdings in Broadcom were worth $1,058,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Poinciana Advisors Group LLC grew its holdings in Broadcom by 6.3% during the 1st quarter. Poinciana Advisors Group LLC now owns 1,754 shares of the semiconductor manufacturer’s stock valued at $294,000 after purchasing an additional 104 shares during the last quarter. Ascent Capital Management LLC boosted its position in Broadcom by 1.1% during the 1st quarter. Ascent Capital Management LLC now owns 5,050 shares of the semiconductor manufacturer’s stock valued at $845,000 after acquiring an additional 56 shares in the last quarter. Leavell Investment Management Inc. boosted its position in Broadcom by 11.9% during the 1st quarter. Leavell Investment Management Inc. now owns 19,978 shares of the semiconductor manufacturer’s stock valued at $3,345,000 after acquiring an additional 2,128 shares in the last quarter. Main Street Research LLC boosted its position in Broadcom by 5.3% during the 1st quarter. Main Street Research LLC now owns 265,850 shares of the semiconductor manufacturer’s stock valued at $44,511,000 after acquiring an additional 13,426 shares in the last quarter. Finally, First Interstate Bank boosted its position in Broadcom by 0.6% during the 1st quarter. First Interstate Bank now owns 10,385 shares of the semiconductor manufacturer’s stock valued at $1,739,000 after acquiring an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. KeyCorp increased their price objective on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday. Morgan Stanley increased 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. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Barclays lifted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Buy” and an average price target of $285.00.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 2.2%

Broadcom stock opened at $277.90 on Thursday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $279.88. The stock’s fifty day simple moving average is $243.73 and its 200-day simple moving average is $218.33. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.31 trillion, a P/E ratio of 104.08, a P/E/G ratio of 1.93 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid 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 0.85%. Broadcom’s payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is 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.