Elyxium Wealth LLC Acquires 12,692 Shares of Broadcom Inc. (NASDAQ:AVGO)

Elyxium Wealth LLC grew its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 420.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,714 shares of the semiconductor manufacturer’s stock after acquiring an additional 12,692 shares during the quarter. Broadcom accounts for 1.2% of Elyxium Wealth LLC’s holdings, making the stock its 21st biggest position. Elyxium Wealth LLC’s holdings in Broadcom were worth $2,631,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of AVGO. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter worth $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter worth $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth $26,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on AVGO. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” 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 research note on Tuesday, June 24th. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Susquehanna lifted their price target on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $292.08.

Broadcom Stock Down 1.1%

Shares of NASDAQ AVGO opened at $283.34 on Friday. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business’s fifty day moving average price is $254.41 and its 200-day moving average price is $220.25. The stock has a market capitalization of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12.

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, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last quarter. 2.00% of the stock is owned by company insiders.

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.