Aaron Wealth Advisors LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Aaron Wealth Advisors LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,241 shares of the semiconductor manufacturer's stock after purchasing an additional 1,887 shares during the quarter. Aaron Wealth Advisors LLC's holdings in Broadcom were worth $3,891,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $32,000. Finally, Bellevue Asset Management LLC acquired a new position in Broadcom in the 4th quarter worth about $33,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 1.8%

Shares of AVGO stock traded up $4.97 on Thursday, hitting $274.87. 10,592,655 shares of the stock traded hands, compared to its average volume of 28,686,867. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. The firm's 50-day moving average price is $235.38 and its two-hundred day moving average price is $216.81. The stock has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a PEG ratio of 1.88 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly 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. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.96 EPS. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has initiated a stock 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 generally an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's payout ratio is currently 88.39%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday, June 15th. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Finally, UBS Group upped their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $281.46.

Broadcom Company Profile

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.