Omnia Family Wealth LLC Buys 1,857 Shares of Broadcom Inc. (NASDAQ:AVGO)

Omnia Family Wealth LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 71.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,468 shares of the semiconductor manufacturer’s stock after buying an additional 1,857 shares during the period. Omnia Family Wealth LLC’s holdings in Broadcom were worth $748,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Canton Hathaway LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at $26,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth $30,000. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider now owns 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 301,468 shares of company stock worth $74,670,250. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 0.3%

Shares of NASDAQ AVGO opened at $264.65 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.24 trillion, a PE ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a one year low of $128.50 and a one year high of $269.87. The business’s fifty day moving average price is $225.48 and its 200-day moving average price is $213.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.96 earnings per share. On average, equities research 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 outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Finally, Mizuho upped their price target on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Buy” and a consensus target price of $281.25.

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.