Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Earned Wealth Advisors LLC

Key Points

• Earned Wealth Advisors LLC has significantly increased its stake in Broadcom Inc. by 129.6% during the 1st quarter, now holding 8,285 shares valued at approximately $1.387 million.
• Several analysts have raised their price targets for Broadcom, with Goldman Sachs setting a target price of $315.00 and the consensus target now at $294.92, reflecting a generally "buy" sentiment among research analysts.
• Broadcom recently announced a quarterly dividend of $0.59, and the company has also approved a $10 billion share repurchase plan, indicating confidence in its stock valuation.

Earned Wealth Advisors LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 129.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,285 shares of the semiconductor manufacturer's stock after buying an additional 4,677 shares during the quarter. Earned Wealth Advisors LLC's holdings in Broadcom were worth $1,387,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new position in Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Susquehanna raised their target price on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research note on Thursday, July 10th. They issued a "buy" rating and a $315.00 price target for the company. Finally, Arete Research raised Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the business'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 transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO opened at $288.64 on Friday. The firm has a market cap of $1.36 trillion, a P/E ratio of 108.10, a P/E/G ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95. The business's 50-day moving average price is $266.56 and its 200 day moving average price is $224.53. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 EPS. The company's revenue was up 20.2% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are 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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.