Golden State Wealth Management LLC Purchases 22,962 Shares of Broadcom Inc. (NASDAQ:AVGO)

Golden State Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 154.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,860 shares of the semiconductor manufacturer's stock after acquiring an additional 22,962 shares during the period. Golden State Wealth Management LLC's holdings in Broadcom were worth $6,340,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter worth $16,893,010,000. GAMMA Investing LLC grew its stake in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC lifted its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the completion of the transaction, the chief executive officer now directly owns 974,152 shares of the company's stock, valued at $255,393,429.84. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $125,739,356.34. Following the transaction, the director now owns 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 811,716 shares of company stock worth $209,906,771 over the last ninety days. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Bank of America raised their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Citigroup raised their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $281.25.

Broadcom Price Performance

Shares of Broadcom stock traded down $0.82 during midday trading on Friday, hitting $269.35. 27,450,264 shares of the company were exchanged, compared to its average volume of 29,072,842. The firm has a 50 day simple moving average of $227.46 and a 200-day simple moving average of $214.61. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.27 trillion, a P/E ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $273.09.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the company posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a share buyback 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared 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 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

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.