Revisor Wealth Management LLC Purchases New Position in Broadcom Inc. (NASDAQ:AVGO)

Revisor Wealth Management LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,061 shares of the semiconductor manufacturer’s stock, valued at approximately $512,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cannon Advisors Inc. increased its position in Broadcom by 2.3% during the first quarter. Cannon Advisors Inc. now owns 3,664 shares of the semiconductor manufacturer’s stock valued at $613,000 after acquiring an additional 82 shares during the last quarter. Novem Group boosted its position in shares of Broadcom by 5.9% during the first quarter. Novem Group now owns 33,489 shares of the semiconductor manufacturer’s stock valued at $5,607,000 after buying an additional 1,856 shares during the period. Weaver Consulting Group grew its stake in shares of Broadcom by 12.3% during the first quarter. Weaver Consulting Group now owns 3,197 shares of the semiconductor manufacturer’s stock valued at $535,000 after buying an additional 350 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of Broadcom by 3.4% in the first quarter. Private Trust Co. NA now owns 45,217 shares of the semiconductor manufacturer’s stock worth $7,571,000 after buying an additional 1,473 shares during the period. Finally, O Brien Wealth Partners LLC raised its holdings in shares of Broadcom by 593.3% in the first quarter. O Brien Wealth Partners LLC now owns 208 shares of the semiconductor manufacturer’s stock worth $35,000 after buying an additional 178 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company’s stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 in the last quarter. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Morgan Stanley raised their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Bank of America increased their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $281.25.

Broadcom Stock Performance

Shares of AVGO opened at $269.90 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.27 trillion, a PE ratio of 101.09, a P/E/G ratio of 1.88 and a beta of 1.12. The stock has a fifty day moving average price of $235.38 and a 200-day moving average price of $216.81. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71.

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 the consensus estimate of $1.57 by $0.01. The firm 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 company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.96 earnings per share. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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.