Shelton Wealth Management LLC Boosts Position in Broadcom Inc. (NASDAQ:AVGO)

Shelton Wealth Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,538 shares of the semiconductor manufacturer’s stock after purchasing an additional 110 shares during the quarter. Shelton Wealth Management LLC’s holdings in Broadcom were worth $927,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company’s stock, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock worth $163,760,949 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $251.26 on Friday. The firm has a market capitalization of $1.18 trillion, a PE ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a 50-day moving average of $219.11 and a two-hundred day moving average of $211.61. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $10.96 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors 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 paid 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 dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Barclays upped their price objective on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Oppenheimer upped their price objective on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $276.09.

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.