Impact Partnership Wealth LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Impact Partnership Wealth LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,043 shares of the semiconductor manufacturer’s stock after buying an additional 565 shares during the period. Impact Partnership Wealth LLC’s holdings in Broadcom were worth $1,179,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC raised its position in Broadcom by 342.5% during the 1st 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 in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on AVGO shares. Morgan Stanley upped their target price on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, KeyCorp upped their target price on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $292.08.

Broadcom Trading Down 1.1%

Shares of Broadcom stock opened at $283.34 on Friday. The firm has a market capitalization of $1.33 trillion, a PE ratio of 106.12, a price-to-earnings-growth ratio of 2.04 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm’s 50 day moving average is $254.41 and its 200 day moving average is $220.33. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for 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 revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade 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 is accessible through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom 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 sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. Corporate insiders own 2.00% of the company’s stock.

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.