Avantax Advisory Services Inc. Buys 4,871 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Avantax Advisory Services Inc. increased its stake in Broadcom Inc. by 1.9%, owning 260,920 shares valued at approximately $43.7 million as of its latest SEC filing.
• Broadcom's stock has been positively assessed by several analysts, with a consensus "Buy" rating and target prices ranging from $290 to $315.
• Broadcom recently declared a quarterly dividend of $0.59 per share, representing an annualized yield of 0.81%, while also initiating a $10 billion share repurchase program.

Avantax Advisory Services Inc. boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 260,920 shares of the semiconductor manufacturer's stock after purchasing an additional 4,871 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Broadcom were worth $43,686,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVGO. True Wealth Design LLC boosted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the period. Mizuho Bank Ltd. boosted its position in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after purchasing an additional 50 shares during the period. Fulton Breakefield Broenniman LLC boosted its position in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after purchasing an additional 50 shares during the period. American Financial Advisors LLC boosted its position in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after purchasing an additional 52 shares during the period. Finally, First Bank & Trust boosted its position in Broadcom by 1.9% during the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock valued at $493,000 after purchasing an additional 55 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.7%

NASDAQ:AVGO traded up $2.05 during trading hours on Monday, hitting $292.23. 4,542,559 shares of the company's stock traded hands, compared to its average volume of 26,994,857. The firm has a market cap of $1.37 trillion, a P/E ratio of 109.45, a P/E/G ratio of 2.06 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $293.27. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock's fifty day moving average price is $260.05 and its two-hundred day moving average price is $222.08.

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 firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 earnings per share. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company 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. This represents a $2.36 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Insider Buying and Selling

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% 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 worth $217,224,641. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on AVGO. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Susquehanna boosted their price target on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Mizuho boosted their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Evercore ISI reiterated an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus target price of $292.08.

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.