Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Grant Private Wealth Management Inc

Grant Private Wealth Management Inc increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 8,529 shares of the semiconductor manufacturer’s stock after buying an additional 467 shares during the quarter. Broadcom comprises about 1.5% of Grant Private Wealth Management Inc’s holdings, making the stock its 15th biggest position. Grant Private Wealth Management Inc’s holdings in Broadcom were worth $1,418,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its holdings in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC increased its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank bought a new stake in Broadcom during the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp boosted its position in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock worth $133,778,494 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Finally, Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Price Performance

Shares of AVGO opened at $248.70 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. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock has a market cap of $1.17 trillion, a P/E ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock’s 50-day moving average price is $213.01 and its two-hundred day moving average price is $209.50.

Broadcom (NASDAQ:AVGO) last issued its earnings results 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter last year, the business earned $10.96 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

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 issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

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.