Transcend Capital Advisors LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Transcend Capital Advisors LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 64,703 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,490 shares during the quarter. Broadcom accounts for about 0.8% of Transcend Capital Advisors LLC’s investment portfolio, making the stock its 25th largest holding. Transcend Capital Advisors LLC’s holdings in Broadcom were worth $10,833,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Rialto Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a report on Tuesday. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Buy” and an average target price of $281.25.

Broadcom Price Performance

Shares of Broadcom stock opened at $269.35 on Friday. The firm has a market cap of $1.27 trillion, a PE ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.85. 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 company’s fifty day simple moving average is $229.43 and its two-hundred day simple moving average is $215.28.

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

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 issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director now owns 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 811,716 shares of company stock valued at $209,906,771 in 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.