Good Steward Wealth Advisors LLC Buys New Position in Broadcom Inc. (NASDAQ:AVGO)

Good Steward Wealth Advisors LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,328 shares of the semiconductor manufacturer’s stock, valued at approximately $725,000.

Other large investors also recently bought and sold shares of the company. Norges Bank purchased a new position in Broadcom in the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC grew its stake in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% during the 4th 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 raised its position in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a report on Sunday, June 15th. Finally, Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction 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 owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 849,134 shares of company stock valued at $163,760,949. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $251.26 on Friday. The company has a fifty day moving average price of $219.11 and a 200 day moving average price of $211.61. The firm has a market cap of $1.18 trillion, a PE ratio of 94.10, a PEG ratio of 1.79 and a beta of 1.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s payout ratio is presently 88.39%.

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

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.