West Wealth Group LLC Acquires 276 Shares of Broadcom Inc. (NASDAQ:AVGO)

West Wealth Group LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,509 shares of the semiconductor manufacturer’s stock after purchasing an additional 276 shares during the period. Broadcom comprises approximately 0.6% of West Wealth Group LLC’s investment portfolio, making the stock its 26th biggest holding. West Wealth Group LLC’s holdings in Broadcom were worth $1,940,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC grew its stake 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 in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 1.1%

AVGO opened at $283.34 on Monday. The stock has a fifty day moving average of $254.41 and a 200-day moving average of $220.17. The company has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $288.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last posted 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 net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

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

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. Oppenheimer upped their price objective on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. Morgan Stanley boosted their price objective 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. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $292.08.

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.