Iams Wealth Management LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Iams Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 33.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,479 shares of the semiconductor manufacturer's stock after acquiring an additional 3,112 shares during the quarter. Iams Wealth Management LLC's holdings in Broadcom were worth $2,089,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Greenfield Savings Bank lifted its position in shares of Broadcom by 29.5% in the first quarter. Greenfield Savings Bank now owns 4,408 shares of the semiconductor manufacturer's stock worth $738,000 after buying an additional 1,005 shares during the last quarter. Apella Capital LLC lifted its holdings in Broadcom by 10.4% in the 1st quarter. Apella Capital LLC now owns 3,264 shares of the semiconductor manufacturer's stock worth $604,000 after purchasing an additional 308 shares during the last quarter. Clarus Wealth Advisors boosted its position in Broadcom by 51.9% during the first quarter. Clarus Wealth Advisors now owns 2,720 shares of the semiconductor manufacturer's stock worth $504,000 after purchasing an additional 929 shares during the period. Bremer Bank National Association boosted its position in Broadcom by 45.3% during the first quarter. Bremer Bank National Association now owns 5,006 shares of the semiconductor manufacturer's stock worth $838,000 after purchasing an additional 1,560 shares during the period. Finally, Orser Capital Management LLC acquired a new position in Broadcom during the first quarter valued at approximately $808,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 0.4%

Broadcom stock traded down $1.15 during mid-day trading on Thursday, hitting $259.93. The stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,753. Broadcom Inc. has a 12 month low of $128.50 and a 12 month 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 stock has a market capitalization of $1.22 trillion, a PE ratio of 212.02, a P/E/G ratio of 2.29 and a beta of 1.11. The stock has a 50-day simple moving average of $200.31 and a two-hundred day simple moving average of $205.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a net margin of 11.43% and a return on equity of 28.00%. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding 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 an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.91%. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Mizuho raised their target price on shares of Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday, May 28th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley increased their target price on Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Finally, Truist Financial lifted their price target on Broadcom from $260.00 to $267.00 and gave the stock a "buy" rating in a research report on Friday, March 7th. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $246.00.

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.