Tower Wealth Partners Inc. Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Tower Wealth Partners Inc. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 20.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,861 shares of the semiconductor manufacturer’s stock after purchasing an additional 316 shares during the quarter. Tower Wealth Partners Inc.’s holdings in Broadcom were worth $312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the fourth quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Cowen reissued a “buy” rating on shares of Broadcom in a report on Friday. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a report on Friday. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Finally, Bank of America raised their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

Broadcom Stock Performance

NASDAQ AVGO opened at $246.95 on Friday. The firm has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. 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 business has a 50-day moving average price of $203.73 and a 200-day moving average price of $206.22. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

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, topping analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.96 earnings per share. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

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.