Kingsman Wealth Management Inc. Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

Kingsman Wealth Management Inc. acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,060 shares of the semiconductor manufacturer's stock, valued at approximately $345,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter valued at $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC lifted its holdings in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the period. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. Morgan Stanley increased their target price on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Rosenblatt Securities raised their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Mizuho boosted their target price on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Susquehanna boosted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Finally, Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $292.08.

Broadcom Trading Up 1.7%

Shares of AVGO stock traded up $4.87 during mid-day trading on Monday, reaching $288.21. The company's stock had a trading volume of 17,706,689 shares, compared to its average volume of 27,778,305. The company's 50 day simple moving average is $254.41 and its 200-day simple moving average is $220.17. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $290.40. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.36 trillion, a PE ratio of 107.94, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly 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. The firm had revenue of $15 billion for 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 EPS. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.82%. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom announced 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 reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on 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 completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by company 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.