Diversify Wealth Management LLC Acquires 2,016 Shares of Broadcom Inc. (NASDAQ:AVGO)

Diversify Wealth Management LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,016 shares of the semiconductor manufacturer's stock after buying an additional 2,016 shares during the period. Diversify Wealth Management LLC's holdings in Broadcom were worth $6,365,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Xponance Inc. increased its position in shares of Broadcom by 2.7% in the 1st quarter. Xponance Inc. now owns 1,173,184 shares of the semiconductor manufacturer's stock valued at $196,426,000 after buying an additional 30,652 shares in the last quarter. Kesler Norman & Wride LLC increased its holdings in Broadcom by 4.4% during the 1st quarter. Kesler Norman & Wride LLC now owns 35,695 shares of the semiconductor manufacturer's stock worth $5,977,000 after purchasing an additional 1,492 shares in the last quarter. Sage Rhino Capital LLC increased its holdings in Broadcom by 1.7% during the 1st quarter. Sage Rhino Capital LLC now owns 6,387 shares of the semiconductor manufacturer's stock worth $1,069,000 after purchasing an additional 104 shares in the last quarter. Fidelis Capital Partners LLC increased its holdings in Broadcom by 0.4% during the 1st quarter. Fidelis Capital Partners LLC now owns 49,156 shares of the semiconductor manufacturer's stock worth $8,230,000 after purchasing an additional 188 shares in the last quarter. Finally, Seamount Financial Group Inc. increased its holdings in Broadcom by 2.3% during the 1st quarter. Seamount Financial Group Inc. now owns 7,058 shares of the semiconductor manufacturer's stock worth $1,182,000 after purchasing an additional 161 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.9%

Shares of NASDAQ:AVGO opened at $275.40 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18. The company has a market capitalization of $1.30 trillion, a P/E ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The company has a 50-day simple moving average of $245.29 and a 200 day simple moving average of $218.63. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the business posted $10.96 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 829,716 shares of company stock valued at $216,933,761. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Oppenheimer increased their target price on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $290.21.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.