7,833 Shares in Broadcom Inc. $AVGO Bought by SHP Wealth Management

Key Points

• SHP Wealth Management bought 7,833 shares of Broadcom in the fourth quarter, a stake valued at about $2.71 million, according to its latest 13F filing.
• Broadcom reported strong quarterly results, with EPS of $2.44 beating estimates and revenue of $22.19 billion topping expectations, while revenue jumped 47.9% year over year.
• Wall Street remains broadly bullish on AVGO: multiple firms raised price targets, and the stock now carries a Moderate Buy consensus with an average target price of $490.13.

SHP Wealth Management acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 7,833 shares of the semiconductor manufacturer's stock, valued at approximately $2,711,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. ROSS JOHNSON & Associates LLC increased its position in Broadcom by 1,320.0% during the fourth quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 66 shares during the last quarter. SWAN Capital LLC lifted its position in shares of Broadcom by 261.9% in the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer's stock valued at $26,000 after buying an additional 55 shares during the last quarter. Miller Global Investments LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $31,000. Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the 4th quarter worth approximately $33,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom during the 4th quarter worth approximately $35,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Broadcom stock opened at $411.35 on Friday. The firm has a market cap of $1.96 trillion, a PE ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The stock's fifty day moving average price is $411.42 and its two-hundred day moving average price is $363.50. Broadcom Inc. has a one year low of $244.17 and a one year high of $495.00. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.24 and a quick ratio of 2.01.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The business had revenue of $22.19 billion during the quarter, compared to analysts' expectations of $22.13 billion. During the same quarter in the prior year, the business posted $1.58 earnings per share. Broadcom's revenue was up 47.9% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be paid a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom's dividend payout ratio (DPR) is presently 43.33%.

Insider Activity at Broadcom

In related news, insider S. Ram Velaga sold 17,260 shares of Broadcom stock in a transaction that occurred on Thursday, April 9th. The shares were sold at an average price of $352.12, for a total transaction of $6,077,591.20. Following the sale, the insider directly owned 65,932 shares of the company's stock, valued at approximately $23,215,975.84. The trade was a 20.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the transaction, the insider directly owned 787,184 shares of the company's stock, valued at approximately $271,759,532.32. The trade was a 1.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 59,385 shares of company stock worth $21,301,057 in the last three months. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. KeyCorp restated an "overweight" rating and issued a $575.00 price target (up from $500.00) on shares of Broadcom in a research note on Thursday, June 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $515.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, June 4th. UBS Group set a $485.00 price objective on shares of Broadcom and gave the company a "buy" rating in a report on Thursday, June 4th. TD Cowen reissued a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Finally, Bank of America raised their target price on shares of Broadcom from $450.00 to $530.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $490.13.

Broadcom News Roundup

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

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