CFM Wealth Partners LLC Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

CFM Wealth Partners LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 3,668 shares of the semiconductor manufacturer's stock, valued at approximately $614,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC boosted its stake in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC grew its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

NASDAQ:AVGO opened at $269.35 on Friday. The stock has a 50 day moving average of $229.43 and a two-hundred day moving average of $215.50. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $271.85. The firm has a market cap of $1.27 trillion, a P/E ratio of 100.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 firm had revenue of $15 billion during the quarter, compared to analysts' expectations 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. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued 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 payout ratio is 88.39%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director now owns 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 811,716 shares of company stock worth $209,906,771 over the last three months. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. KeyCorp raised their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $281.25.

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.

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