Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC increased its holdings in Broadcom Inc. by 7.1%, owning over 5.3 million shares valued at approximately $890.7 million as of the last quarter.
• Broadcom reported a 20.2% increase in quarterly revenue compared to the previous year, achieving $15 billion in revenue and $1.58 EPS, exceeding analyst expectations.
• Insiders have recently sold a total of 830,516 shares of Broadcom stock valued at over $217 million in the last 90 days, indicating potential changes in insider sentiment.

LPL Financial LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,319,616 shares of the semiconductor manufacturer's stock after buying an additional 351,417 shares during the quarter. LPL Financial LLC owned about 0.11% of Broadcom worth $890,663,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC increased its position in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after buying an additional 137 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ AVGO traded up $3.01 on Wednesday, hitting $300.43. 7,393,836 shares of the company's stock traded hands, compared to its average volume of 26,865,281. The firm has a market capitalization of $1.41 trillion, a PE ratio of 112.50, a P/E/G ratio of 2.09 and a beta of 1.12. The firm's 50-day moving average price is $262.64 and its two-hundred day moving average price is $223.09. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $302.19.

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

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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given 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 dividend yield of 0.79%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Ratings Changes

A number of analysts recently commented on AVGO shares. Oppenheimer upped their price objective 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. JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Mizuho increased their target price on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Rosenblatt Securities increased their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $294.92.

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.