Miracle Mile Advisors LLC Has $12.54 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Miracle Mile Advisors LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,905 shares of the semiconductor manufacturer's stock after selling 2,989 shares during the quarter. Miracle Mile Advisors LLC's holdings in Broadcom were worth $12,541,000 at the end of the most recent reporting period.

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

Broadcom Trading Down 5.0%

Shares of AVGO stock opened at $246.95 on Friday. The firm has a 50 day moving average price of $203.73 and a two-hundred day moving average price of $206.52. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

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 (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the business posted $10.96 earnings per share. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AVGO shares. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday. UBS Group raised their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday. Oppenheimer raised their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday. Finally, Cowen restated a "buy" rating on shares of Broadcom in a report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $270.25.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Company 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.

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