Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,358 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,870 shares during the period. Prosperity Consulting Group LLC’s holdings in Broadcom were worth $8,097,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings in shares of Broadcom by 342.5% in the 1st 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 and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AVGO shares. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Finally, Rosenblatt Securities raised their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $292.08.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company’s stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.5%

Shares of Broadcom stock opened at $290.18 on Monday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year 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. The company has a market capitalization of $1.36 trillion, a P/E ratio of 108.68, a PEG ratio of 2.06 and a beta of 1.12. The company’s fifty day moving average is $260.05 and its two-hundred day moving average is $222.08.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

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

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

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.