Baker Tilly Wealth Management LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Baker Tilly Wealth Management LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,298 shares of the semiconductor manufacturer’s stock after buying an additional 110 shares during the quarter. Baker Tilly Wealth Management LLC’s holdings in Broadcom were worth $1,389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVGO has been the topic of several recent research reports. Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Benchmark reissued a “buy” rating and set a $255.00 price objective on shares of Broadcom in a research note on Friday, March 7th. KeyCorp lifted their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Rosenblatt Securities reissued a “buy” rating and set a $250.00 price target on shares of Broadcom in a research report on Friday, March 7th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $238.77.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $239.50 on Monday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.13 trillion, a P/E ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04. The business’s 50 day moving average price is $195.38 and its 200-day moving average price is $203.66. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $251.88.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Broadcom announced that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding 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 often an indication that the company’s management 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.