Wealthfront Advisers LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Wealthfront Advisers LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 527,067 shares of the semiconductor manufacturer’s stock after buying an additional 50,458 shares during the period. Wealthfront Advisers LLC’s holdings in Broadcom were worth $88,247,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC grew its holdings in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 137 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 828,916 shares of company stock worth $216,785,761. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $275.60 on Tuesday. 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 fifty-two week low of $128.50 and a fifty-two week high of $281.18. The business has a 50 day moving average price of $248.20 and a two-hundred day moving average price of $218.77. The firm has a market cap of $1.30 trillion, a PE ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12.

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

Broadcom declared that its board has approved a stock 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 repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. KeyCorp increased their target price on Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Wells Fargo & Company upped 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. Finally, Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. 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 company’s stock. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus price target of $290.21.

Broadcom 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.