Balboa Wealth Partners Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

Balboa Wealth Partners raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 27.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,380 shares of the semiconductor manufacturer's stock after buying an additional 3,117 shares during the quarter. Balboa Wealth Partners' holdings in Broadcom were worth $2,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. SlateStone Wealth LLC lifted its position in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after buying an additional 47 shares in the last quarter. True Wealth Design LLC increased its stake in 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 acquiring an additional 48 shares during the last quarter. Global Strategic Investment Solutions LLC raised its holdings in shares of Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after acquiring an additional 50 shares in the last quarter. Cascade Financial Partners LLC boosted its position in shares of Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after acquiring an additional 50 shares during the last quarter. Finally, Samalin Investment Counsel LLC grew its holdings in shares of Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $281.25.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer now directly owns 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 301,468 shares of company stock worth $74,670,250. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 2.1%

Broadcom stock traded up $5.52 during midday trading on Thursday, hitting $270.17. 23,540,196 shares of the company's stock were exchanged, compared to its average volume of 29,153,648. 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 company has a market cap of $1.27 trillion, a PE ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11. The firm has a 50-day moving average of $225.48 and a two-hundred day moving average of $213.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $271.62.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm earned $10.96 earnings per share. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.