Osborne Partners Capital Management LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Osborne Partners Capital Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,036 shares of the semiconductor manufacturer’s stock after acquiring an additional 961 shares during the quarter. Osborne Partners Capital Management LLC’s holdings in Broadcom were worth $1,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Tallon Kerry Patrick purchased a new position in Broadcom during the fourth quarter valued at approximately $357,000. Capital & Planning LLC increased its holdings in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC increased its holdings in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC increased its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new position in Broadcom during the fourth quarter valued at approximately $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVGO. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Evercore ISI reissued an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Wells Fargo & Company lifted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Finally, UBS Group lifted their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $276.09.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company’s stock, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of AVGO opened at $251.26 on Friday. The firm has a market capitalization of $1.18 trillion, a PE ratio of 94.10, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company’s fifty day moving average price is $219.11 and its 200-day moving average price is $211.61.

Broadcom (NASDAQ:AVGO) last announced 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. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its board has initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors 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.