Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Bernardo Wealth Planning LLC

Bernardo Wealth Planning LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,518 shares of the semiconductor manufacturer's stock after buying an additional 1,196 shares during the quarter. Bernardo Wealth Planning LLC's holdings in Broadcom were worth $589,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter worth about $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at about $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at about $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Oppenheimer raised their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $290.21.

Broadcom Trading Down 0.4%

Shares of AVGO traded down $1.02 during trading hours on Friday, hitting $274.38. The stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,130,551. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.76, a P/E/G ratio of 1.96 and a beta of 1.12. 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 company's fifty day simple moving average is $245.29 and its 200 day simple moving average is $218.63.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. 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 dividend payout ratio (DPR) is 88.39%.

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

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction 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 transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $216,933,761 over the last quarter. Company insiders own 2.00% of the company's stock.

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.