Accurate Wealth Management LLC Boosts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Accurate Wealth Management LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,706 shares of the semiconductor manufacturer's stock after purchasing an additional 1,963 shares during the period. Broadcom accounts for 0.7% of Accurate Wealth Management LLC's holdings, making the stock its 26th biggest holding. Accurate Wealth Management LLC's holdings in Broadcom were worth $3,765,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Simplicity Wealth LLC lifted its position in Broadcom by 240.2% during the first quarter. Simplicity Wealth LLC now owns 21,540 shares of the semiconductor manufacturer's stock valued at $3,606,000 after acquiring an additional 15,208 shares during the last quarter. GAMMA Investing LLC lifted its position in Broadcom by 9.2% during the first quarter. GAMMA Investing LLC now owns 103,184 shares of the semiconductor manufacturer's stock valued at $17,276,000 after acquiring an additional 8,672 shares during the last quarter. Wealthcare Capital Management LLC lifted its position in Broadcom by 14.7% during the first quarter. Wealthcare Capital Management LLC now owns 1,964 shares of the semiconductor manufacturer's stock valued at $329,000 after acquiring an additional 252 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its position in Broadcom by 4.5% during the first quarter. Wealthcare Advisory Partners LLC now owns 45,398 shares of the semiconductor manufacturer's stock valued at $7,601,000 after acquiring an additional 1,938 shares during the last quarter. Finally, Trust Co. of Oklahoma lifted its position in Broadcom by 13.7% during the first quarter. Trust Co. of Oklahoma now owns 12,980 shares of the semiconductor manufacturer's stock valued at $2,173,000 after acquiring an additional 1,567 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company's stock, valued at approximately $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 730,576 shares of company stock valued at $133,778,494 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock traded down $7.37 on Friday, reaching $248.70. 19,002,301 shares of the company were exchanged, compared to its average volume of 30,540,402. The company has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The business has a 50-day moving average price of $211.15 and a 200 day moving average price of $208.57. 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 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share buyback 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 stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. 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 dividend payout ratio is currently 88.39%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, June 7th. Susquehanna boosted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Finally, Mizuho boosted their price objective on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $272.71.

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.