Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Money Concepts Capital Corp

Money Concepts Capital Corp increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,079 shares of the semiconductor manufacturer's stock after buying an additional 981 shares during the period. Money Concepts Capital Corp's holdings in Broadcom were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Achmea Investment Management B.V. grew its holdings in shares of Broadcom by 36.7% in the 1st quarter. Achmea Investment Management B.V. now owns 510,366 shares of the semiconductor manufacturer's stock worth $85,450,000 after acquiring an additional 136,945 shares during the period. Paragon Capital Management Inc. purchased a new stake in Broadcom during the first quarter worth $526,000. Jaffetilchin Investment Partners LLC boosted its position in Broadcom by 8.2% during the first quarter. Jaffetilchin Investment Partners LLC now owns 21,752 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 1,646 shares in the last quarter. Legacy CG LLC acquired a new stake in Broadcom in the first quarter valued at $4,412,000. Finally, Canvas Wealth Advisors LLC increased its position in shares of Broadcom by 15.1% in the first quarter. Canvas Wealth Advisors LLC now owns 9,400 shares of the semiconductor manufacturer's stock valued at $1,594,000 after buying an additional 1,235 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a report on Tuesday, June 24th. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $281.25.

Broadcom Trading Down 4.0%

NASDAQ:AVGO traded down $10.91 on Tuesday, hitting $264.74. 28,137,876 shares of the stock were exchanged, compared to its average volume of 28,892,312. The stock has a fifty day moving average of $231.62 and a 200-day moving average of $216.10. The stock has a market cap of $1.25 trillion, a PE ratio of 99.15, a PEG ratio of 1.92 and a beta of 1.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

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.