Braun Stacey Associates Inc. Has $41.53 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Braun Stacey Associates Inc. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 248,050 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,646 shares during the quarter. Broadcom makes up about 1.7% of Braun Stacey Associates Inc.’s portfolio, making the stock its 13th largest holding. Braun Stacey Associates Inc.’s holdings in Broadcom were worth $41,531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at approximately $25,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter valued at approximately $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 1.8%

Broadcom stock opened at $274.87 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The firm’s fifty day moving average price is $238.77 and its two-hundred day moving average price is $217.17. 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 (NASDAQ:AVGO) last released its quarterly earnings data 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 net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding 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 a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

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

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 over the last three months. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Bank of America upped their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Barclays upped their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. UBS Group upped their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Finally, Morgan Stanley upped their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $281.46.

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.