JGP Wealth Management LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

JGP Wealth Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,270 shares of the semiconductor manufacturer’s stock after buying an additional 107 shares during the period. JGP Wealth Management LLC’s holdings in Broadcom were worth $548,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday. They set a “buy” rating and a $301.00 target price for the company. Benchmark reaffirmed a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Mizuho boosted their price objective on shares of Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Citigroup reduced their price target on shares of Broadcom from $220.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Three investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $238.77.

Broadcom Trading Down 1.0%

NASDAQ AVGO opened at $239.50 on Friday. The stock has a 50 day simple moving average of $195.38 and a two-hundred day simple moving average of $203.43. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $251.88. The stock has a market cap of $1.13 trillion, a P/E ratio of 195.35, a price-to-earnings-growth ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.99%. Broadcom’s payout ratio is currently 113.46%.

Broadcom announced that its Board of Directors has authorized a share 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 often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last three months. Insiders own 2.00% of the company’s stock.

About Broadcom

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.