Allium Financial Advisors LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Allium Financial Advisors LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,734 shares of the semiconductor manufacturer’s stock, valued at approximately $625,000. Broadcom comprises 0.6% of Allium Financial Advisors LLC’s portfolio, making the stock its 29th largest holding.

Several other hedge funds have also recently bought and sold shares of AVGO. Brighton Jones LLC lifted its position in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in Broadcom by 10.4% during the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE raised its position in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after buying an additional 322 shares in the last quarter. Finally, Providence Capital Advisors LLC raised its position in shares of Broadcom by 5.6% in the fourth quarter. Providence Capital Advisors LLC now owns 1,404 shares of the semiconductor manufacturer’s stock valued at $326,000 after buying an additional 74 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Broadcom stock opened at $290.18 on Friday. The stock has a market cap of $1.36 trillion, a P/E ratio of 108.68, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. The firm’s fifty day moving average price is $260.05 and its 200-day moving average price is $222.18. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $292.59. 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 announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given 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 0.81%. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits 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 board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AVGO shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Oppenheimer lifted their price target on shares of Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a research report on Tuesday, July 15th. Finally, Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. 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 stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $292.08.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company’s stock.

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.