Bogart Wealth LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Bogart Wealth LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 75.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,566 shares of the semiconductor manufacturer's stock after buying an additional 32,986 shares during the quarter. Bogart Wealth LLC's holdings in Broadcom were worth $12,819,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Vanguard Group Inc. lifted its stake in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares in the last quarter. FMR LLC lifted its position in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank purchased a new stake in Broadcom in the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp boosted its stake in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on AVGO shares. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Mizuho boosted their price target on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Citigroup increased their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday, July 7th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $290.21.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 828,916 shares of company stock worth $216,785,761 over the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 0.4%

Broadcom stock traded up $1.22 during trading hours on Monday, hitting $275.60. 11,919,324 shares of the stock traded hands, compared to its average volume of 27,885,428. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The firm's 50-day moving average price is $246.70 and its two-hundred day moving average price is $218.54. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.30 trillion, a PE ratio of 103.22, a PEG ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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 company 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%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 earnings per share. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. 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 approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

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.