Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Allworth Financial LP

Allworth Financial LP grew its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 320,868 shares of the semiconductor manufacturer's stock after acquiring an additional 2,770 shares during the period. Allworth Financial LP's holdings in Broadcom were worth $53,723,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC lifted its holdings in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 829,716 shares of company stock worth $216,933,761. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Susquehanna upped 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. Barclays upped their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Finally, Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $290.21.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded down $0.62 during trading on Friday, hitting $274.78. 9,301,705 shares of the stock traded hands, compared to its average volume of 28,204,581. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.94, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a fifty day moving average price of $245.29 and a two-hundred day moving average price of $218.63. 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 Inc. has a 52-week low of $128.50 and a 52-week high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during 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 business's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes 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 stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 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.