McGlone Suttner Wealth Management Inc. Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

McGlone Suttner Wealth Management Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,268 shares of the semiconductor manufacturer's stock after acquiring an additional 1,003 shares during the period. McGlone Suttner Wealth Management Inc.'s holdings in Broadcom were worth $1,049,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of AVGO. Sierra Ocean LLC raised its position in shares of Broadcom by 16.7% during the first quarter. Sierra Ocean LLC now owns 2,089 shares of the semiconductor manufacturer's stock valued at $350,000 after buying an additional 299 shares during the last quarter. NORTHSTAR ASSET MANAGEMENT Co LLC raised its position in Broadcom by 25.6% in the first quarter. NORTHSTAR ASSET MANAGEMENT Co LLC now owns 5,275 shares of the semiconductor manufacturer's stock worth $883,000 after purchasing an additional 1,075 shares in the last quarter. Core Alternative Capital increased its holdings in shares of Broadcom by 1.7% during the first quarter. Core Alternative Capital now owns 11,992 shares of the semiconductor manufacturer's stock worth $2,008,000 after buying an additional 200 shares in the last quarter. Olistico Wealth LLC increased its holdings in shares of Broadcom by 6.8% during the first quarter. Olistico Wealth LLC now owns 10,766 shares of the semiconductor manufacturer's stock worth $1,803,000 after buying an additional 688 shares in the last quarter. Finally, Sutton Place Investors LLC increased its holdings in shares of Broadcom by 6.9% during the first quarter. Sutton Place Investors LLC now owns 3,070 shares of the semiconductor manufacturer's stock worth $514,000 after buying an additional 197 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% 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, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One 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. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and an average price target of $282.71.

Broadcom Price Performance

Shares of Broadcom stock traded down $1.00 on Monday, reaching $274.18. 16,743,337 shares of the stock were exchanged, compared to its average volume of 28,527,862. The firm's 50 day moving average is $238.77 and its 200-day moving average is $217.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.29 trillion, a PE ratio of 102.69, a P/E/G ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 EPS. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding 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 management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom Company 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.