McKinley Carter Wealth Services Inc. Has $15.12 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

McKinley Carter Wealth Services Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,323 shares of the semiconductor manufacturer’s stock after selling 6,937 shares during the quarter. Broadcom makes up about 0.9% of McKinley Carter Wealth Services Inc.’s investment portfolio, making the stock its 27th largest holding. McKinley Carter Wealth Services Inc.’s holdings in Broadcom were worth $15,123,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Nebula Research & Development LLC boosted its holdings in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Kovack Advisors Inc. increased its position in Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after buying an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. raised its holdings in Broadcom by 50.6% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock valued at $245,000 after buying an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC lifted its position in shares of Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after buying an additional 86,884 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on AVGO shares. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Mizuho upped their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Stock Up 0.1%

AVGO opened at $244.63 on Wednesday. The company has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm’s fifty day moving average price is $206.98 and its two-hundred day moving average price is $207.63. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The firm’s revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.