Independence Financial Advisors LLC Invests $359,000 in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Independence Financial Advisors LLC has acquired a new stake in Broadcom Inc. (NASDAQ:AVGO), purchasing 2,145 shares valued at approximately $359,000 in its recent Form 13F filing.
• Several institutional investors have increased their holdings in Broadcom, with Geode Capital Management LLC growing its stake by 3.0% and Price T Rowe Associates Inc. increasing theirs by 46.9% during the fourth quarter.
• Broadcom recently announced a $10 billion stock buyback program and declared a quarterly dividend of $0.59, indicating confidence in its stock value and financial stability.

Independence Financial Advisors LLC acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,145 shares of the semiconductor manufacturer's stock, valued at approximately $359,000.

Other large investors have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Up 1.7%

NASDAQ:AVGO traded up $5.20 during trading hours on Wednesday, hitting $302.62. The company had a trading volume of 16,562,443 shares, compared to its average volume of 15,293,160. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $303.26. The company has a market cap of $1.42 trillion, a P/E ratio of 113.34, a P/E/G ratio of 2.12 and a beta of 1.12. The company has a 50-day moving average of $264.10 and a 200 day moving average of $223.64. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $10.96 earnings per share. Sell-side 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 share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 over the last 90 days. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Barclays upped their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $294.92.

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.