Kingsview Wealth Management LLC Acquires 1,729 Shares of Broadcom Inc. (NASDAQ:AVGO)

Kingsview Wealth Management LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,531 shares of the semiconductor manufacturer's stock after buying an additional 1,729 shares during the period. Kingsview Wealth Management LLC's holdings in Broadcom were worth $19,009,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter worth approximately $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth approximately $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter worth approximately $26,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 1.1%

Broadcom stock traded down $3.11 on Friday, hitting $283.34. 15,006,524 shares of the stock traded hands, compared to its average volume of 27,851,942. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.33 trillion, a P/E ratio of 106.12, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The business's fifty day simple moving average is $252.91 and its 200 day simple moving average is $219.98. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business 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 company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on AVGO shares. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. 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 on the stock. 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. KeyCorp increased their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus target price of $292.08.

Insider Activity

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was 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 directly 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. Over the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by insiders.

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.