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

Trueblood Wealth Management LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,057 shares of the semiconductor manufacturer’s stock after buying an additional 239 shares during the period. Trueblood Wealth Management LLC’s holdings in Broadcom were worth $1,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $244.63 on Wednesday. The stock has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11. The business has a 50 day simple moving average of $206.98 and a two-hundred day simple moving average of $207.63. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Morgan Stanley upped their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Citigroup lifted their target price on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a report on Monday. Finally, Rosenblatt Securities boosted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Insider Activity

In related news, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over 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.