Envestnet Asset Management Inc. Has $1.15 Billion Holdings in Broadcom Inc. (NASDAQ:AVGO)

Envestnet Asset Management Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,862,206 shares of the semiconductor manufacturer's stock after acquiring an additional 223,577 shares during the period. Envestnet Asset Management Inc. owned approximately 0.15% of Broadcom worth $1,148,939,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $25,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $26,000. Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Trading Up 1.8%

AVGO opened at $274.87 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The firm has a 50 day simple moving average of $238.77 and a 200 day simple moving average of $217.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business 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%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.96 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on AVGO shares. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Mizuho lifted their target price on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $281.46.

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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