Spectrum Wealth Counsel LLC Has $9.79 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Spectrum Wealth Counsel LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 33.3% during the 1st quarter, HoldingsChannel reports. The fund owned 58,499 shares of the semiconductor manufacturer’s stock after selling 29,151 shares during the quarter. Broadcom makes up approximately 1.2% of Spectrum Wealth Counsel LLC’s investment portfolio, making the stock its 25th biggest holding. Spectrum Wealth Counsel LLC’s holdings in Broadcom were worth $9,794,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Empirical Finance LLC grew its holdings in shares of Broadcom by 1.2% during the 1st quarter. Empirical Finance LLC now owns 143,070 shares of the semiconductor manufacturer’s stock worth $23,954,000 after purchasing an additional 1,730 shares in the last quarter. Allen Investment Management LLC lifted its position in Broadcom by 25.9% in the first quarter. Allen Investment Management LLC now owns 294,018 shares of the semiconductor manufacturer’s stock worth $49,227,000 after purchasing an additional 60,551 shares during the period. Allium Financial Advisors LLC bought a new position in shares of Broadcom during the 1st quarter worth about $625,000. Baron Silver Stevens Financial Advisors LLC lifted its stake in Broadcom by 2.5% during the first quarter. Baron Silver Stevens Financial Advisors LLC now owns 3,659 shares of the semiconductor manufacturer’s stock worth $613,000 after purchasing an additional 90 shares during the period. Finally, Brown Wealth Management LLC boosted its stake in Broadcom by 6.9% in the 1st quarter. Brown Wealth Management LLC now owns 1,401 shares of the semiconductor manufacturer’s stock valued at $235,000 after buying an additional 90 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $290.18 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business’s 50 day moving average price is $260.05 and its two-hundred day moving average price is $222.13. The company has a market cap of $1.36 trillion, a PE ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $292.59.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally 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 recently commented on AVGO shares. Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research report on Tuesday, June 24th. Finally, Benchmark increased their price target on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $292.08.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The stock was 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 of the company’s stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $265.13, for a total value 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. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. 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.