Endeavor Private Wealth Inc. Purchases 5,136 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Endeavor Private Wealth Inc. significantly increased its stake in Broadcom by 1,249.6%, owning a total of 5,547 shares valued at approximately $929,000 after purchasing 5,136 additional shares.
• Insider sales were notable, with CFO Kirsten M. Spears and another insider each selling over 50,000 shares, reducing their respective ownership by 13.46% and 10.73%.
• Broadcom has authorized a $10 billion share repurchase program indicating the company's management believes its stock may be undervalued, alongside declaring a quarterly dividend of $0.59 per share.

Endeavor Private Wealth Inc. increased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1,249.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,547 shares of the semiconductor manufacturer's stock after purchasing an additional 5,136 shares during the quarter. Endeavor Private Wealth Inc.'s holdings in Broadcom were worth $929,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC boosted its stake in Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction dated 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 owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

AVGO opened at $288.64 on Friday. The business's 50-day simple moving average is $266.56 and its 200 day simple moving average is $224.55. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.10, a PEG ratio of 2.09 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.96 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has authorized a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

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 paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AVGO shares. Arete Research raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. Citigroup boosted their price target on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday, July 7th. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, The Goldman Sachs Group initiated coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price target for the company. One equities 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 stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus target price of $294.92.

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.

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