Simplicity Wealth LLC Buys 15,208 Shares of Broadcom Inc. (NASDAQ:AVGO)

Simplicity Wealth LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 240.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 21,540 shares of the semiconductor manufacturer's stock after purchasing an additional 15,208 shares during the quarter. Simplicity Wealth LLC's holdings in Broadcom were worth $3,606,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. SlateStone Wealth LLC grew its stake in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the last quarter. DT Investment Partners LLC grew 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 worth $1,251,000 after purchasing an additional 50 shares during the last quarter. Bfsg LLC grew 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 worth $105,000 after purchasing an additional 50 shares during the last quarter. Finally, Global Strategic Investment Solutions LLC grew 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 worth $782,000 after purchasing an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $272.71.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 2.9%

Shares of Broadcom stock traded down $7.37 during midday trading on Friday, reaching $248.70. 19,002,301 shares of the company's stock traded hands, 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 price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company's 50 day simple moving average is $211.15 and its 200 day simple moving average is $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 52 week low of $128.50 and a 52 week high of $265.43.

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. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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 issued a dividend of $0.59 per share. The ex-dividend date 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%.

Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

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.