Optimum Investment Advisors Buys 268 Shares of Broadcom Inc. (NASDAQ:AVGO)

Optimum Investment Advisors lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the first quarter, HoldingsChannel.com reports. The firm owned 13,787 shares of the semiconductor manufacturer’s stock after purchasing an additional 268 shares during the quarter. Broadcom makes up about 1.1% of Optimum Investment Advisors’ portfolio, making the stock its 17th largest holding. Optimum Investment Advisors’ holdings in Broadcom were worth $2,308,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AVGO. Brighton Jones LLC lifted its position in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after acquiring an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after acquiring an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE lifted its position in Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after acquiring an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its position in Broadcom by 46.2% in the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock valued at $4,528,000 after acquiring an additional 6,168 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 0.9%

Shares of Broadcom stock opened at $271.80 on Wednesday. The firm has a market cap of $1.28 trillion, a price-to-earnings ratio of 101.80, a PEG ratio of 1.95 and a beta of 1.12. The business has a 50-day moving average price of $242.02 and a 200-day moving average price of $217.92. 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 Inc. has a twelve month low of $128.50 and a twelve month high of $277.71.

Broadcom (NASDAQ:AVGO) last issued 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. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. Broadcom’s payout ratio is 88.39%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 in the last quarter. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Morgan Stanley raised 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. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Finally, Wells Fargo & Company raised their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. One 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 company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $285.00.

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.