Good Life Advisors LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Good Life Advisors LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,994 shares of the semiconductor manufacturer's stock after purchasing an additional 1,613 shares during the quarter. Good Life Advisors LLC's holdings in Broadcom were worth $2,845,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter valued at 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 Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVGO. Rosenblatt Securities raised their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Mizuho raised their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.

Insider Activity

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 730,576 shares of company stock valued at $133,778,494. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

AVGO traded up $3.40 on Monday, hitting $252.10. 20,298,055 shares of the company's stock were exchanged, compared to its average volume of 30,343,072. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average price of $213.01 and a 200-day moving average price of $209.85. The stock has a market cap of $1.19 trillion, a price-to-earnings ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has initiated a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

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.