WoodTrust Financial Corp Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

WoodTrust Financial Corp increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 113.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,855 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,049 shares during the quarter. WoodTrust Financial Corp’s holdings in Broadcom were worth $645,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction that occurred 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 now owns 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 875,444 shares of company stock worth $172,097,492 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.5%

NASDAQ AVGO opened at $253.77 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. 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 stock has a 50-day moving average of $221.98 and a 200-day moving average of $213.28. The firm has a market cap of $1.19 trillion, a PE ratio of 95.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating 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 company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has authorized a share 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 buy up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom’s dividend payout ratio is presently 88.39%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on AVGO shares. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Finally, Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $276.09.

Broadcom 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.