Destiny Wealth Partners LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Destiny Wealth Partners LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 33,026 shares of the semiconductor manufacturer's stock after buying an additional 6,013 shares during the period. Destiny Wealth Partners LLC's holdings in Broadcom were worth $5,530,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the 4th quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of research reports. Mizuho increased their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research report on Friday. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $270.25.

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 5.0%

Shares of NASDAQ:AVGO opened at $246.95 on Monday. The firm has a fifty day moving average price of $203.73 and a two-hundred day moving average price of $206.81. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

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 for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted $10.96 EPS. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed 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. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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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