Wealthcare Advisory Partners LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Wealthcare Advisory Partners LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,398 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,938 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Broadcom were worth $7,601,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Trust Co. of Oklahoma raised its stake in shares of Broadcom by 13.7% in the first quarter. Trust Co. of Oklahoma now owns 12,980 shares of the semiconductor manufacturer’s stock worth $2,173,000 after purchasing an additional 1,567 shares during the last quarter. Regatta Capital Group LLC grew its holdings in shares of Broadcom by 2.7% in the first quarter. Regatta Capital Group LLC now owns 24,640 shares of the semiconductor manufacturer’s stock valued at $4,126,000 after acquiring an additional 652 shares in the last quarter. Parisi Gray Wealth Management grew its holdings in Broadcom by 21.6% during the first quarter. Parisi Gray Wealth Management now owns 14,781 shares of the semiconductor manufacturer’s stock valued at $2,475,000 after purchasing an additional 2,628 shares during the period. International Private Wealth Advisors LLC grew its holdings in Broadcom by 21.4% during the first quarter. International Private Wealth Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock valued at $220,000 after purchasing an additional 232 shares during the period. Finally, Everest Management Corp. grew its holdings in Broadcom by 157.2% during the first quarter. Everest Management Corp. now owns 20,577 shares of the semiconductor manufacturer’s stock valued at $3,445,000 after purchasing an additional 12,577 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value 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 position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

AVGO has been the topic of several recent research reports. Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Stock Performance

Broadcom stock opened at $244.28 on Tuesday. The stock’s 50 day simple moving average is $205.17 and its two-hundred day simple moving average is $207.37. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.25, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

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

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.97%. Broadcom’s dividend payout ratio is currently 88.39%.

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.