Xcel Wealth Management LLC Has $4.29 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Xcel Wealth Management LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,637 shares of the semiconductor manufacturer's stock after purchasing an additional 4,098 shares during the quarter. Broadcom makes up approximately 1.3% of Xcel Wealth Management LLC's holdings, making the stock its 18th biggest position. Xcel Wealth Management LLC's holdings in Broadcom were worth $4,292,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mutual Advisors LLC lifted its position in shares of Broadcom by 6.7% during the 1st quarter. Mutual Advisors LLC now owns 61,184 shares of the semiconductor manufacturer's stock worth $10,244,000 after purchasing an additional 3,850 shares during the last quarter. Gutierrez Wealth Advisory LLC lifted its position in shares of Broadcom by 11.2% during the 1st quarter. Gutierrez Wealth Advisory LLC now owns 3,181 shares of the semiconductor manufacturer's stock worth $533,000 after purchasing an additional 321 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Broadcom by 0.5% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 402,347 shares of the semiconductor manufacturer's stock worth $67,365,000 after purchasing an additional 1,917 shares during the last quarter. Clark Asset Management LLC raised its holdings in Broadcom by 33.6% in the 1st quarter. Clark Asset Management LLC now owns 2,131 shares of the semiconductor manufacturer's stock valued at $357,000 after acquiring an additional 536 shares in the last quarter. Finally, Sebold Capital Management Inc. raised its holdings in Broadcom by 72.5% in the 1st quarter. Sebold Capital Management Inc. now owns 1,742 shares of the semiconductor manufacturer's stock valued at $292,000 after acquiring an additional 732 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several recent research reports. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, 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. One research 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $281.46.

Broadcom Trading Up 1.8%

Shares of NASDAQ AVGO traded up $4.97 during midday trading on Friday, hitting $274.87. The stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The company's 50-day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The firm has a market cap of $1.29 trillion, a P/E ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The firm's revenue was up 20.2% on a year-over-year basis. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The firm 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 is presently 88.39%.

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.