Prairie Wealth Advisors Inc. Sells 70 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prairie Wealth Advisors Inc. reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,245 shares of the semiconductor manufacturer’s stock after selling 70 shares during the period. Prairie Wealth Advisors Inc.’s holdings in Broadcom were worth $1,213,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC boosted its stake in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Kovack Advisors Inc. boosted its stake in shares of Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock valued at $7,971,000 after purchasing an additional 2,570 shares in the last quarter. SOA Wealth Advisors LLC. boosted its stake in shares of Broadcom by 50.6% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock valued at $245,000 after purchasing an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC boosted its stake in shares of Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after purchasing an additional 86,884 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, June 6th. Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Morgan Stanley raised their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $276.09.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The shares were 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 $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business’s 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 819,134 shares of company stock worth $157,921,449 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.5%

AVGO opened at $249.99 on Monday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two 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 fifty day moving average of $220.48 and a two-hundred day moving average of $212.76. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has authorized a share repurchase 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Company 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.