MN Wealth Advisors LLC Acquires 62 Shares of Broadcom Inc. (NASDAQ:AVGO)

MN Wealth Advisors LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,365 shares of the semiconductor manufacturer’s stock after purchasing an additional 62 shares during the period. MN Wealth Advisors LLC’s holdings in Broadcom were worth $1,066,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Wolf Group Capital Advisors boosted its holdings in shares of Broadcom by 586.5% during the 1st quarter. Wolf Group Capital Advisors now owns 16,338 shares of the semiconductor manufacturer’s stock valued at $2,735,000 after acquiring an additional 13,958 shares in the last quarter. Cornerstone Wealth Management LLC lifted its holdings in Broadcom by 41.5% during the 1st quarter. Cornerstone Wealth Management LLC now owns 14,257 shares of the semiconductor manufacturer’s stock worth $2,387,000 after buying an additional 4,179 shares during the period. Shepherd Financial Partners LLC lifted its holdings in Broadcom by 3.1% during the 1st quarter. Shepherd Financial Partners LLC now owns 29,520 shares of the semiconductor manufacturer’s stock worth $4,943,000 after buying an additional 889 shares during the period. Clarius Group LLC lifted its stake in shares of Broadcom by 8.0% in the 1st quarter. Clarius Group LLC now owns 31,481 shares of the semiconductor manufacturer’s stock valued at $5,271,000 after purchasing an additional 2,323 shares during the period. Finally, Market Street Wealth Management Advisors LLC lifted its stake in shares of Broadcom by 66.9% in the 1st quarter. Market Street Wealth Management Advisors LLC now owns 1,469 shares of the semiconductor manufacturer’s stock valued at $246,000 after purchasing an additional 589 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 848,334 shares of company stock worth $163,560,669 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Oppenheimer upped their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target on the stock. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a report on Sunday. Finally, JPMorgan Chase & Co. boosted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $276.09.

Broadcom Trading Down 1.1%

Shares of AVGO stock opened at $249.37 on Wednesday. The business’s fifty day moving average is $216.21 and its 200 day moving average is $210.74. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.17 trillion, a PE ratio of 93.40, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the business posted $10.96 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The company also recently declared 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. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. Broadcom’s payout ratio is 88.39%.

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.