BNC Wealth Management LLC Invests $1.35 Million in Broadcom Inc. (NASDAQ:AVGO)

BNC Wealth Management LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,040 shares of the semiconductor manufacturer's stock, valued at approximately $1,346,000.

A number of other large investors also recently modified their holdings of the company. Azzad Asset Management Inc. ADV lifted its stake in Broadcom by 16.1% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 43,438 shares of the semiconductor manufacturer's stock worth $7,273,000 after purchasing an additional 6,038 shares in the last quarter. BigSur Wealth Management LLC increased its holdings in shares of Broadcom by 50.8% in the first quarter. BigSur Wealth Management LLC now owns 7,105 shares of the semiconductor manufacturer's stock worth $1,190,000 after purchasing an additional 2,393 shares during the period. Pullen Investment Management LLC raised its position in shares of Broadcom by 3.5% in the first quarter. Pullen Investment Management LLC now owns 3,010 shares of the semiconductor manufacturer's stock worth $504,000 after buying an additional 101 shares in the last quarter. Ipswich Investment Management Co. Inc. boosted its stake in Broadcom by 1.5% during the first quarter. Ipswich Investment Management Co. Inc. now owns 4,067 shares of the semiconductor manufacturer's stock valued at $681,000 after buying an additional 60 shares during the period. Finally, Powers Advisory Group LLC grew its position in Broadcom by 22.3% during the first quarter. Powers Advisory Group LLC now owns 1,339 shares of the semiconductor manufacturer's stock worth $224,000 after buying an additional 244 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 848,334 shares of company stock worth $163,560,669 in the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 1.1%

AVGO stock traded down $2.73 during trading on Tuesday, reaching $249.37. The company had a trading volume of 21,937,596 shares, compared to its average volume of 30,309,896. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The business has a 50 day moving average of $214.93 and a 200 day moving average of $210.47. The company has a market cap of $1.17 trillion, a P/E ratio of 203.40, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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 return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 EPS. The business's revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated 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 reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Analyst Ratings Changes

Several research firms have weighed in on AVGO. Susquehanna raised their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Rosenblatt Securities raised their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Oppenheimer increased their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Three equities research 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $276.09.

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.