Golden State Wealth Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Golden State Wealth Management LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,852 shares of the semiconductor manufacturer's stock after buying an additional 954 shares during the period. Golden State Wealth Management LLC's holdings in Broadcom were worth $2,654,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC grew its position in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares in the last quarter. SOA Wealth Advisors LLC. grew its position in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after purchasing an additional 355 shares in the last quarter. Coppell Advisory Solutions LLC grew its position in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after purchasing an additional 86,884 shares in the last quarter. Finally, Colonial Trust Co SC grew its position in shares of Broadcom by 14.6% during the 4th quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock valued at $2,338,000 after purchasing an additional 1,285 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on AVGO shares. JPMorgan Chase & Co. boosted their price target 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. UBS Group boosted their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Benchmark boosted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $281.46.

Broadcom Trading Up 1.8%

Broadcom stock traded up $4.97 during mid-day trading on Friday, hitting $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. 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 stock 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 business has a 50 day moving average price of $238.77 and a 200-day moving average price of $217.17. Broadcom Inc. has a 12 month low of $128.50 and a 12 month 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 the consensus estimate 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%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

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

Insider Activity

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 transaction of $14,176,042.50. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by corporate insiders.

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.