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Brookstone Capital Management Has $8.36 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Brookstone Capital Management grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 28.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 49,919 shares of the semiconductor manufacturer's stock after acquiring an additional 10,912 shares during the period. Brookstone Capital Management's holdings in Broadcom were worth $8,358,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in AVGO. Rialto Wealth Management LLC acquired a new stake in Broadcom during the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter worth $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth $25,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on AVGO shares. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Citigroup raised their price objective on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, June 9th. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $281.46.

Get Our Latest Analysis on Broadcom

Insider Activity

In other Broadcom news, 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 transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 1.8%

NASDAQ AVGO traded up $4.97 during trading hours on Friday, reaching $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The firm has a fifty day simple moving average of $238.77 and a 200-day simple moving average of $217.17. The stock 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. Broadcom Inc. has a 52 week low of $128.50 and a 52 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 issued 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $10.96 EPS. Equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Broadcom Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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