Canvas Wealth Advisors LLC Has $1.59 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Canvas Wealth Advisors LLC raised its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,400 shares of the semiconductor manufacturer's stock after acquiring an additional 1,235 shares during the period. Canvas Wealth Advisors LLC's holdings in Broadcom were worth $1,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Illinois Municipal Retirement Fund increased its stake in shares of Broadcom by 0.9% during the 1st quarter. Illinois Municipal Retirement Fund now owns 347,999 shares of the semiconductor manufacturer's stock worth $58,265,000 after purchasing an additional 3,239 shares in the last quarter. Transcend Capital Advisors LLC boosted its holdings in shares of Broadcom by 2.4% in the 1st quarter. Transcend Capital Advisors LLC now owns 64,703 shares of the semiconductor manufacturer's stock valued at $10,833,000 after purchasing an additional 1,490 shares during the last quarter. Trust Co. of Vermont boosted its holdings in shares of Broadcom by 2.9% in the 1st quarter. Trust Co. of Vermont now owns 16,507 shares of the semiconductor manufacturer's stock valued at $2,764,000 after purchasing an additional 467 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Broadcom by 0.7% in the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 22,040 shares of the semiconductor manufacturer's stock valued at $3,899,000 after purchasing an additional 160 shares during the last quarter. Finally, Beacon Financial Advisory LLC boosted its holdings in shares of Broadcom by 16.4% in the 1st quarter. Beacon Financial Advisory LLC now owns 4,142 shares of the semiconductor manufacturer's stock valued at $693,000 after purchasing an additional 584 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.3%

AVGO stock traded down $0.82 during trading hours on Friday, hitting $269.35. The company's stock had a trading volume of 27,450,264 shares, compared to its average volume of 28,910,988. 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 company has a market capitalization of $1.27 trillion, a PE ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $271.85. The stock has a 50 day moving average price of $229.43 and a two-hundred day moving average price of $215.50.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $15 billion during 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%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.96 EPS. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction that occurred on 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 now directly owns 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 811,716 shares of company stock worth $209,906,771 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on AVGO. Mizuho raised their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Citigroup boosted their target price on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday, June 9th. Finally, Oppenheimer boosted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price 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.