McKinley Carter Wealth Services Inc. Has $15.12 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

McKinley Carter Wealth Services Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 90,323 shares of the semiconductor manufacturer's stock after selling 6,937 shares during the quarter. Broadcom comprises approximately 0.9% of McKinley Carter Wealth Services Inc.'s holdings, making the stock its 27th largest holding. McKinley Carter Wealth Services Inc.'s holdings in Broadcom were worth $15,123,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Tallon Kerry Patrick purchased a new stake in shares of Broadcom during the 4th quarter valued at about $357,000. Capital & Planning LLC boosted its holdings in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC grew its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC raised its stake in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new position in shares of Broadcom during the fourth quarter worth $71,312,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded down $7.37 during mid-day trading on Friday, reaching $248.70. 19,002,301 shares of the company's stock traded hands, compared to its average volume of 30,773,052. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The stock has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The business's 50-day moving average price is $211.15 and its 200-day moving average price is $208.57. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AVGO. Rosenblatt Securities upped their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, June 7th. Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Mizuho raised their price objective on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average price target of $272.71.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 in the last 90 days. Corporate insiders own 2.00% of the company's stock.

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.