Prentice Wealth Management LLC Has $1.89 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Prentice Wealth Management LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 73.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,286 shares of the semiconductor manufacturer's stock after buying an additional 4,784 shares during the period. Broadcom accounts for approximately 0.5% of Prentice Wealth Management LLC's portfolio, making the stock its 26th biggest holding. Prentice Wealth Management LLC's holdings in Broadcom were worth $1,890,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. SlateStone Wealth LLC raised its stake in Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after buying an additional 47 shares during the period. True Wealth Design LLC raised its stake in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after buying an additional 48 shares during the period. DT Investment Partners LLC raised its stake in shares of Broadcom by 0.9% in the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer's stock valued at $1,251,000 after purchasing an additional 50 shares during the period. Bfsg LLC raised its stake in shares of Broadcom by 12.5% in the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock valued at $105,000 after purchasing an additional 50 shares during the period. Finally, Global Strategic Investment Solutions LLC raised its stake in shares of Broadcom by 1.5% in the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,576 shares of company stock worth $133,778,494. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Benchmark lifted their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Broadcom Price Performance

Shares of NASDAQ AVGO traded down $7.37 during midday trading on Friday, reaching $248.70. The company's stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The business's 50 day moving average price is $213.01 and its two-hundred day moving average price is $209.50. The company has a market cap of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11.

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 analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's payout ratio is 88.39%.

About Broadcom

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.