Miracle Mile Advisors LLC Has $12.54 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Miracle Mile Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% 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 74,905 shares of the semiconductor manufacturer’s stock after selling 2,989 shares during the period. Miracle Mile Advisors LLC’s holdings in Broadcom were worth $12,541,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the fourth quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO opened at $246.95 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The firm’s fifty day simple moving average is $203.73 and its two-hundred day simple moving average is $206.52. Broadcom Inc. has a 12 month low of $128.50 and a 12 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.96 EPS. As a group, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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 given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday. Morgan Stanley boosted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday. Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday. Finally, William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Two 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. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

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.