Kingsview Wealth Management LLC Increases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Kingsview Wealth Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% in the first quarter, HoldingsChannel.com reports. The fund owned 113,531 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,729 shares during the period. Kingsview Wealth Management LLC’s holdings in Broadcom were worth $19,009,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of AVGO. True Wealth Design LLC increased its stake in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Samalin Investment Counsel LLC grew its position in Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after buying an additional 50 shares during the last quarter. Mizuho Bank Ltd. boosted its position in shares of Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after purchasing an additional 50 shares in the last quarter. Fulton Breakefield Broenniman LLC boosted its position in shares of Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock worth $357,000 after purchasing an additional 50 shares in the last quarter. Finally, American Financial Advisors LLC raised its stake in shares of Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $240,000 after buying an additional 52 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO opened at $280.81 on Thursday. The firm has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.17, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. 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 Inc. has a one year low of $128.50 and a one year high of $283.59. The stock’s fifty day moving average is $251.34 and its 200-day moving average is $219.63.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

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

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the 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 owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Mizuho boosted their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $292.08.

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.