Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $11.06 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

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Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 82.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 66,084 shares of the semiconductor manufacturer's stock after acquiring an additional 29,826 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Broadcom were worth $11,064,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AVGO. Brighton Jones LLC increased its stake in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its holdings in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its stake in shares of Broadcom by 3.5% in the 4th quarter. Meeder Advisory Services Inc. now owns 90,621 shares of the semiconductor manufacturer's stock valued at $21,009,000 after buying an additional 3,060 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Broadcom stock traded down $4.42 during trading hours on Friday, hitting $289.28. The stock had a trading volume of 6,528,552 shares, compared to its average volume of 26,767,639. The company has a 50-day moving average of $265.36 and a two-hundred day moving average of $224.11. 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 fifty-two week low of $128.50 and a fifty-two week high of $306.95. The company has a market cap of $1.36 trillion, a PE ratio of 108.53, a price-to-earnings-growth ratio of 2.15 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AVGO. Oppenheimer increased their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. KeyCorp upped their price objective on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Mizuho raised their target price on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $294.92.

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.