Cedar Wealth Management LLC Raises Position in Broadcom Inc. (NASDAQ:AVGO)

Cedar Wealth Management LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,466.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,820 shares of the semiconductor manufacturer's stock after purchasing an additional 2,640 shares during the quarter. Cedar Wealth Management LLC's holdings in Broadcom were worth $472,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth $30,000. Finally, Wood Tarver Financial Group LLC raised its position in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.7%

Shares of NASDAQ AVGO opened at $288.64 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $306.95. The firm has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock's 50-day simple moving average is $266.56 and its 200-day simple moving average is $224.53.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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 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 in the previous year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

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

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, Citigroup raised their price objective on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last 90 days. Corporate insiders own 2.00% of the company's stock.

Broadcom 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.

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