Onyx Bridge Wealth Group LLC Has $1.62 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Onyx Bridge Wealth Group LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,694 shares of the semiconductor manufacturer's stock after selling 1,005 shares during the quarter. Onyx Bridge Wealth Group LLC's holdings in Broadcom were worth $1,623,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $25,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the 4th quarter valued at about $30,000. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Up 1.8%

AVGO stock traded up $4.97 during mid-day trading on Friday, hitting $274.87. 10,592,655 shares of the company were exchanged, compared to its average volume of 28,575,138. 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 $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The firm's 50 day simple moving average is $238.77 and its 200 day simple moving average is $217.17. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate 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 business's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the company posted $10.96 EPS. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were 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 trade represents a 10.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $281.46.

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.