Revolve Wealth Partners LLC Buys 1,087 Shares of Broadcom Inc. (NASDAQ:AVGO)

Revolve Wealth Partners LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 13.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,084 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,087 shares during the period. Revolve Wealth Partners LLC’s holdings in Broadcom were worth $1,521,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AVGO. Norges Bank bought a new position in shares of Broadcom in the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC increased its position in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its position in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AVGO. Oppenheimer upped their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday. UBS Group increased their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday. William Blair reiterated an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Bank of America increased their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

Broadcom Stock Performance

Shares of AVGO stock opened at $246.95 on Friday. The stock has a fifty day moving average of $203.73 and a 200 day moving average of $206.52. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The firm has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG 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.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm posted $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has approved a share buyback 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 reacquire 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 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.