Tyche Wealth Partners LLC Purchases 445 Shares of Broadcom Inc. (NASDAQ:AVGO)

Tyche Wealth Partners LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 12.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,973 shares of the semiconductor manufacturer’s stock after acquiring an additional 445 shares during the quarter. Tyche Wealth Partners LLC’s holdings in Broadcom were worth $665,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter worth about $26,000. Inlight Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter valued at about $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AVGO shares. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. KeyCorp boosted 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. Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $281.25.

Broadcom Price Performance

NASDAQ:AVGO opened at $264.65 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business’s 50-day simple moving average is $225.48 and its two-hundred day simple moving average is $213.98. The stock has a market cap of $1.24 trillion, a PE ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $269.87.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm 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 last year, the business posted $10.96 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed 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 yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares of the company’s stock, valued at approximately $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 301,468 shares of company stock worth $74,670,250 over the last quarter. Insiders own 2.00% of the company’s stock.

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.