Brown Miller Wealth Management LLC Acquires 4,963 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brown Miller Wealth Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 34.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,553 shares of the semiconductor manufacturer's stock after acquiring an additional 4,963 shares during the period. Broadcom comprises approximately 1.1% of Brown Miller Wealth Management LLC's holdings, making the stock its 22nd largest position. Brown Miller Wealth Management LLC's holdings in Broadcom were worth $3,274,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. Tallon Kerry Patrick bought a new position in shares of Broadcom during the 4th quarter valued at $357,000. Capital & Planning LLC increased its position in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC lifted its holdings in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after acquiring an additional 12,345 shares during the period. Brighton Jones LLC boosted its position in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Broadcom during the 4th quarter valued at about $71,312,000. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

NASDAQ AVGO traded up $3.40 on Monday, reaching $252.10. The company had a trading volume of 20,301,307 shares, compared to its average volume of 30,343,084. The stock has a market capitalization of $1.19 trillion, a PE ratio of 205.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm's 50 day moving average price is $213.01 and its 200 day moving average price is $209.85.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Oppenheimer increased 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. Barclays upped their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Evercore ISI reiterated an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

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.