1858 Wealth Management LLC Acquires 432 Shares of Broadcom Inc. (NASDAQ:AVGO)

1858 Wealth Management LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,295 shares of the semiconductor manufacturer’s stock after acquiring an additional 432 shares during the quarter. 1858 Wealth Management LLC’s holdings in Broadcom were worth $887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Kennedy Investment Group grew its holdings in shares of Broadcom by 4.4% during the 1st quarter. Kennedy Investment Group now owns 53,824 shares of the semiconductor manufacturer’s stock valued at $9,012,000 after purchasing an additional 2,262 shares during the last quarter. Madison Wealth Partners Inc lifted its stake in Broadcom by 3.2% in the 1st quarter. Madison Wealth Partners Inc now owns 2,735 shares of the semiconductor manufacturer’s stock valued at $458,000 after purchasing an additional 84 shares during the last quarter. MBE Wealth Management LLC boosted its position in Broadcom by 64.3% in the first quarter. MBE Wealth Management LLC now owns 1,454 shares of the semiconductor manufacturer’s stock valued at $243,000 after buying an additional 569 shares in the last quarter. Wolff Wiese Magana LLC boosted its position in Broadcom by 2.9% in the first quarter. Wolff Wiese Magana LLC now owns 16,096 shares of the semiconductor manufacturer’s stock valued at $2,695,000 after buying an additional 452 shares in the last quarter. Finally, Cassia Capital Partners LLC grew its stake in shares of Broadcom by 41.5% during the first quarter. Cassia Capital Partners LLC now owns 5,541 shares of the semiconductor manufacturer’s stock worth $928,000 after buying an additional 1,624 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The shares were 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 approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $250.35, for a total transaction of $200,280.00. Following the transaction, the director now owns 25,382 shares in the company, valued at $6,354,383.70. This represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 819,134 shares of company stock worth $157,921,449. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $249.99 on Monday. The business has a 50-day moving average price of $220.48 and a two-hundred day moving average price of $212.76. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.18 trillion, a P/E ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced 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 return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has approved a share repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

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

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Oppenheimer increased their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Citigroup lifted their price target on Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, June 9th. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Finally, Wells Fargo & Company upped their price objective on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

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.