Bernardo Wealth Planning LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bernardo Wealth Planning LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,518 shares of the semiconductor manufacturer's stock after purchasing 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 reporting period.

A number of other hedge funds have also made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Kovack Advisors Inc. increased its stake in shares of Broadcom by 8.1% in the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock worth $7,971,000 after acquiring an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. increased its stake in shares of Broadcom by 50.6% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after acquiring an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its stake in shares of Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after acquiring an additional 86,884 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $249.99 on Friday. The business has a 50-day moving average of $220.48 and a 200 day moving average of $212.46. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the business posted $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. KeyCorp raised their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Finally, Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $276.09.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the 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 sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock worth $163,760,949 in the last three months. 2.00% of the stock is owned by company insiders.

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.

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