Riverbend Wealth Management LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Riverbend Wealth Management LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 11,105 shares of the semiconductor manufacturer's stock after buying an additional 1,016 shares during the quarter. Broadcom comprises about 1.7% of Riverbend Wealth Management LLC's portfolio, making the stock its 16th largest holding. Riverbend Wealth Management LLC's holdings in Broadcom were worth $1,859,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the 4th quarter worth about $30,000. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director now owns 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred 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 directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 811,716 shares of company stock worth $209,906,771. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 0.3%

NASDAQ:AVGO traded down $0.82 during trading hours on Friday, reaching $269.35. The company had a trading volume of 27,450,264 shares, compared to its average volume of 29,072,842. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11. The business's 50-day simple moving average is $227.46 and its two-hundred day simple moving average is $214.61. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $273.09.

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, topping 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 analysts' expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent analyst reports. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Susquehanna raised their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $281.25.

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.