Alpha Financial Partners LLC Acquires Shares of 1,494 Broadcom Inc. (NASDAQ:AVGO)

Alpha Financial Partners LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,494 shares of the semiconductor manufacturer's stock, valued at approximately $250,000.

Several other institutional investors and hedge funds have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 0.9%

Broadcom stock traded down $2.50 during mid-day trading on Thursday, hitting $275.40. 17,848,136 shares of the stock were exchanged, compared to its average volume of 28,277,906. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $281.42. The firm's fifty day simple moving average is $245.29 and its two-hundred day simple moving average is $218.63. The stock has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.15, a PEG ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the business earned $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has initiated a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Citigroup increased their target price on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $290.21.

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.