SLT Holdings LLC Purchases 195 Shares of Broadcom Inc. (NASDAQ:AVGO)

SLT Holdings LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 12,189 shares of the semiconductor manufacturer’s stock after acquiring an additional 195 shares during the quarter. Broadcom comprises approximately 2.0% of SLT Holdings LLC’s holdings, making the stock its 11th largest holding. SLT Holdings LLC’s holdings in Broadcom were worth $2,041,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Picton Mahoney Asset Management boosted its position in shares of Broadcom by 11.5% during the 1st quarter. Picton Mahoney Asset Management now owns 202,114 shares of the semiconductor manufacturer’s stock valued at $33,843,000 after acquiring an additional 20,927 shares during the last quarter. Fielder Capital Group LLC boosted its position in shares of Broadcom by 18.4% during the 1st quarter. Fielder Capital Group LLC now owns 2,687 shares of the semiconductor manufacturer’s stock valued at $450,000 after acquiring an additional 418 shares during the last quarter. Patten & Patten Inc. TN lifted its position in Broadcom by 2.0% in the first quarter. Patten & Patten Inc. TN now owns 21,211 shares of the semiconductor manufacturer’s stock worth $3,551,000 after buying an additional 421 shares during the last quarter. MJT & Associates Financial Advisory Group Inc. bought a new stake in Broadcom in the first quarter worth $93,000. Finally, Foundations Investment Advisors LLC lifted its position in Broadcom by 1.3% in the first quarter. Foundations Investment Advisors LLC now owns 37,757 shares of the semiconductor manufacturer’s stock worth $6,322,000 after buying an additional 468 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction dated 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 sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the business’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 sale, the insider owned 415,956 shares in the company, valued at $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 830,516 shares of company stock valued at $217,224,641 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Evercore ISI restated an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. Oppenheimer raised their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Finally, Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. One equities research 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $292.08.

Broadcom Stock Performance

Shares of Broadcom stock opened at $294.30 on Tuesday. The firm has a market cap of $1.38 trillion, a P/E ratio of 110.22, a P/E/G ratio of 2.06 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 $295.45. The stock’s fifty day moving average price is $261.32 and its 200-day moving average price is $222.57.

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

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.80%. Broadcom’s dividend payout ratio (DPR) 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.