Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Apollon Wealth Management LLC

Apollon Wealth Management LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO) by 23.3% during the first quarter, Holdings Channel.com reports. The firm owned 259,033 shares of the semiconductor manufacturer’s stock after purchasing an additional 49,007 shares during the quarter. Broadcom accounts for about 1.0% of Apollon Wealth Management LLC’s portfolio, making the stock its 18th largest position. Apollon Wealth Management LLC’s holdings in Broadcom were worth $43,370,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AVGO. Norges Bank purchased a new position in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC increased its holdings in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC grew its stake in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research reports. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Cowen restated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $290.21.

Broadcom Stock Performance

Shares of AVGO stock opened at $274.38 on Monday. The stock has a fifty day moving average price of $246.70 and a 200 day moving average price of $218.54. The stock has a market cap of $1.29 trillion, a PE ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. 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 released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts forecast 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 issued 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 0.86%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction 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 completion of the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 828,916 shares of company stock valued at $216,785,761. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.