Foster Victor Wealth Advisors LLC Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Foster Victor Wealth Advisors LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 78,135 shares of the semiconductor manufacturer's stock after purchasing an additional 14,871 shares during the period. Foster Victor Wealth Advisors LLC's holdings in Broadcom were worth $14,216,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of AVGO. Blodgett Wealth Advisors LLC raised its holdings in Broadcom by 1.6% in the 1st quarter. Blodgett Wealth Advisors LLC now owns 5,516 shares of the semiconductor manufacturer's stock valued at $924,000 after acquiring an additional 88 shares during the last quarter. Tcfg Wealth Management LLC raised its holdings in Broadcom by 10.0% in the 1st quarter. Tcfg Wealth Management LLC now owns 6,205 shares of the semiconductor manufacturer's stock valued at $1,039,000 after acquiring an additional 563 shares during the last quarter. Grant Private Wealth Management Inc raised its holdings in Broadcom by 5.8% in the 1st quarter. Grant Private Wealth Management Inc now owns 8,529 shares of the semiconductor manufacturer's stock valued at $1,418,000 after acquiring an additional 467 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Broadcom by 1,023.7% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 252,450 shares of the semiconductor manufacturer's stock valued at $42,267,000 after acquiring an additional 229,985 shares during the last quarter. Finally, Dover Advisors LLC grew its stake in shares of Broadcom by 63.1% in the 1st quarter. Dover Advisors LLC now owns 9,561 shares of the semiconductor manufacturer's stock valued at $1,601,000 after buying an additional 3,699 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock worth $133,778,494 in the last ninety days. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 2.9%

Shares of AVGO traded down $7.37 during midday trading on Friday, reaching $248.70. The stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company's fifty day simple moving average is $213.01 and its two-hundred day simple moving average is $209.50. The company has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business earned $10.96 EPS. The company's revenue was up 20.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a stock buyback 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 board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Oppenheimer increased their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Citigroup increased their price target on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Susquehanna increased their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, UBS Group increased their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $276.09.

About Broadcom

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.