Confluence Wealth Services Inc. Acquires 4,119 Shares of Broadcom Inc. (NASDAQ:AVGO)

Confluence Wealth Services Inc. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,269 shares of the semiconductor manufacturer's stock after acquiring an additional 4,119 shares during the period. Confluence Wealth Services Inc.'s holdings in Broadcom were worth $8,009,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in AVGO. Rialto Wealth Management LLC bought a new position in Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth $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. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter worth $32,000. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Mizuho increased their price objective on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $281.25.

Broadcom Stock Performance

Broadcom stock opened at $269.35 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.85. 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 business's 50-day moving average price is $229.43 and its two-hundred day moving average price is $215.50. The stock has a market cap of $1.27 trillion, a PE ratio of 100.88, a P/E/G ratio of 1.92 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the business posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom announced that its board has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 811,716 shares of company stock worth $209,906,771. Insiders own 2.00% of the company's stock.

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.

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