Forvis Mazars Wealth Advisors LLC Increases Stock Position in Broadcom Inc. $AVGO

Key Points

• Forvis Mazars Wealth Advisors LLC increased its shareholding in Broadcom Inc. by 24.6% during the first quarter, acquiring an additional 3,872 shares for a total of $3.28 million in value.
• Broadcom recently declared a quarterly dividend of $0.59, resulting in an annualized yield of 0.8%, with a dividend payout ratio of 88.39%.
• Following recent insider transactions, insiders sold a total of 830,516 shares valued at approximately $217 million, representing a 2.00% ownership by company insiders after the sales.

Forvis Mazars Wealth Advisors LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 19,597 shares of the semiconductor manufacturer's stock after acquiring an additional 3,872 shares during the period. Forvis Mazars Wealth Advisors LLC's holdings in Broadcom were worth $3,281,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AVGO. Nuveen LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $6,649,117,000. GAMMA Investing LLC boosted its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Broadcom by 46.9% during 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 purchasing an additional 15,171,849 shares during the period. Northern Trust Corp boosted its position in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock worth $5,333,384,000 after purchasing an additional 4,550,647 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. Finally, Oppenheimer raised their price target on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $295.96.

Insider Activity

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $307.46, for a total transaction of $245,968.00. Following the sale, the director owned 23,782 shares of the company's stock, valued at approximately $7,312,013.72. The trade was a 3.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated 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 sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,286,457 in the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $0.58 during trading on Monday, reaching $305.76. The company's stock had a trading volume of 14,705,522 shares, compared to its average volume of 17,400,806. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.52, a P/E/G ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The business's fifty day moving average price is $279.50 and its 200-day moving average price is $230.48.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom's payout ratio is currently 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.