Diversify Advisory Services LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

Diversify Advisory Services LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 33.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,910 shares of the semiconductor manufacturer's stock after acquiring an additional 32,142 shares during the period. Broadcom accounts for approximately 1.3% of Diversify Advisory Services LLC's holdings, making the stock its 13th biggest holding. Diversify Advisory Services LLC's holdings in Broadcom were worth $21,249,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Broadcom in the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC lifted its stake in Broadcom by 18,179.3% in the first 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 during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Broadcom by 46.9% in the fourth 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 lifted its stake in Broadcom by 200.0% in the fourth 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. lifted its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on AVGO shares. Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Tuesday, June 24th. Finally, Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $292.08.

Broadcom Stock Down 1.1%

AVGO stock traded down $3.11 during trading on Friday, hitting $283.34. 15,006,524 shares of the company's stock traded hands, compared to its average volume of 27,811,473. The firm has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a PEG ratio of 2.04 and a beta of 1.12. The business has a fifty day simple moving average of $254.41 and a two-hundred day simple moving average of $220.33. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. 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 business's revenue for the quarter was up 20.2% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

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

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by company insiders.

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.