Arkadios Wealth Advisors Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Arkadios Wealth Advisors increased its stake in Broadcom Inc. by 112.3%, acquiring an additional 60,508 shares, bringing its total holdings to 114,405 shares worth approximately $19.15 million.
• Insider activity revealed significant share sales by Broadcom's Director, Henry Samueli (473,898 shares for over $125 million), and CFO, Kirsten M. Spears (56,310 shares for about $14 million), indicating a decrease in their respective holdings.
• Broadcom's stock is well-rated by analysts, with twenty-seven out of thirty analysts giving it a buy rating, and an average price target of $292.08, reflecting confidence in the company's growth prospects.

Arkadios Wealth Advisors boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 112.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 114,405 shares of the semiconductor manufacturer's stock after purchasing an additional 60,508 shares during the quarter. Broadcom comprises approximately 0.7% of Arkadios Wealth Advisors' investment portfolio, making the stock its 20th largest holding. Arkadios Wealth Advisors' holdings in Broadcom were worth $19,155,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AVGO. Brighton Jones LLC grew its position in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC boosted its holdings in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE boosted its holdings in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the last quarter. Finally, D L Carlson Investment Group Inc. purchased a new position in Broadcom during the 4th quarter worth $263,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of analyst reports. Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Broadcom Stock Down 1.7%

Shares of AVGO traded down $5.06 during midday trading on Friday, reaching $288.64. 21,405,316 shares of the stock were exchanged, compared to its average volume of 15,995,794. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $306.95. The company's 50 day moving average is $266.56 and its two-hundred day moving average is $224.55. The company has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a PEG ratio of 2.09 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

Broadcom 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.