Capital A Wealth Management LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Capital A Wealth Management LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 124.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 429 shares of the semiconductor manufacturer’s stock after purchasing an additional 238 shares during the quarter. Capital A Wealth Management LLC’s holdings in Broadcom were worth $72,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. BIP Wealth LLC boosted its stake in Broadcom by 0.9% during the first quarter. BIP Wealth LLC now owns 6,315 shares of the semiconductor manufacturer’s stock worth $1,057,000 after buying an additional 58 shares during the period. Bryn Mawr Capital Management LLC lifted its stake in Broadcom by 160.9% in the first quarter. Bryn Mawr Capital Management LLC now owns 17,223 shares of the semiconductor manufacturer’s stock worth $2,884,000 after acquiring an additional 10,621 shares during the period. Bridgewater Advisors Inc. lifted its stake in Broadcom by 7.4% in the first quarter. Bridgewater Advisors Inc. now owns 16,470 shares of the semiconductor manufacturer’s stock worth $2,758,000 after acquiring an additional 1,138 shares during the period. Tectonic Advisors LLC raised its holdings in Broadcom by 3.0% in the first quarter. Tectonic Advisors LLC now owns 53,654 shares of the semiconductor manufacturer’s stock worth $8,983,000 after purchasing an additional 1,562 shares in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Broadcom by 17.9% in the first quarter. Larson Financial Group LLC now owns 72,354 shares of the semiconductor manufacturer’s stock worth $12,114,000 after purchasing an additional 11,010 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday, June 6th. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective on the stock in a research report on Tuesday, June 24th. Citigroup upped their price objective on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, Rosenblatt Securities increased their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One research 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, Broadcom currently has a consensus rating of “Buy” and an average price target of $291.88.

Insider Activity at Broadcom

In other news, 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 $10,132,574,604.75. The trade was a 1.23% 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, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 828,916 shares of company stock valued at $216,785,761 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 1.9%

Broadcom stock opened at $280.94 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36. The company has a market cap of $1.32 trillion, a PE ratio of 105.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The stock’s 50 day moving average price is $249.82 and its 200 day moving average price is $219.20.

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. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is 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.