Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Spire Wealth Management

Spire Wealth Management lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1.0% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,117 shares of the semiconductor manufacturer’s stock after selling 685 shares during the quarter. Spire Wealth Management’s holdings in Broadcom were worth $11,907,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. SlateStone Wealth LLC lifted its holdings in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after acquiring an additional 47 shares during the period. True Wealth Design LLC lifted its holdings in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares during the period. Global Strategic Investment Solutions LLC lifted its holdings in Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after acquiring an additional 50 shares during the period. Cascade Financial Partners LLC lifted its holdings in Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares during the period. Finally, Samalin Investment Counsel LLC raised its stake in shares of Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 0.3%

AVGO opened at $264.65 on Thursday. 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 stock has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 99.12, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The business has a 50-day moving average of $225.48 and a two-hundred day moving average of $213.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $269.87.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $10.96 EPS. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are 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 $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business’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 sale, the insider now 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 301,468 shares of company stock worth $74,670,250 in the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target for the company in a research note on Tuesday. Morgan Stanley lifted their price target on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Oppenheimer lifted 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. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average price target of $281.25.

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.