Brass Tax Wealth Management Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Brass Tax Wealth Management Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 32.3% during the 1st quarter, Holdings Channel reports. The firm owned 2,399 shares of the semiconductor manufacturer’s stock after purchasing an additional 586 shares during the quarter. Brass Tax Wealth Management Inc.’s holdings in Broadcom were worth $402,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp lifted its holdings in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on AVGO. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of “Buy” and an average price target of $281.46.

Broadcom Price Performance

Broadcom stock opened at $274.87 on Monday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $277.71. The firm has a fifty day moving average of $238.77 and a 200-day moving average of $217.17. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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. 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 analyst estimates of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a stock 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by corporate insiders.

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.