SOA Wealth Advisors LLC. Has $3.05 Million Position in Broadcom Inc. (NASDAQ:AVGO)

SOA Wealth Advisors LLC. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,625.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,221 shares of the semiconductor manufacturer’s stock after purchasing an additional 17,165 shares during the quarter. SOA Wealth Advisors LLC.’s holdings in Broadcom were worth $3,051,000 at the end of the most recent quarter.

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

Broadcom Price Performance

Shares of Broadcom stock opened at $246.95 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.16 trillion, a PE ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The business has a 50 day moving average of $203.73 and a 200 day moving average of $206.52. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.96 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company’s stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Barclays decreased their price target on Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Citigroup reissued a “buy” rating and set a $276.00 price objective (up previously from $210.00) on shares of Broadcom in a report on Tuesday, June 3rd. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a “buy” rating in a report on Friday. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Finally, Mizuho upped their target price on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

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.