WNY Asset Management LLC Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

WNY Asset Management LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 35.9% in the first quarter, HoldingsChannel reports. The firm owned 2,053 shares of the semiconductor manufacturer’s stock after acquiring an additional 542 shares during the quarter. WNY Asset Management LLC’s holdings in Broadcom were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC increased its position in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock worth $30,000 after purchasing an additional 137 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This represents a 13.46% 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 valued at $217,224,641 in the last 90 days. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVGO. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Cowen restated a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Finally, Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom has a consensus rating of “Buy” and an average price target of $292.08.

Broadcom Trading Down 1.1%

AVGO opened at $283.34 on Monday. The business’s 50-day simple moving average is $254.41 and its 200-day simple moving average is $220.17. The company has a market cap of $1.33 trillion, a P/E ratio of 106.12, a PEG ratio of 2.02 and a beta of 1.12. 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 Inc. has a one year low of $128.50 and a one year high of $288.28.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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 annualized dividend and a yield of 0.83%. Broadcom’s dividend payout ratio is presently 88.39%.

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.