OMNI 360 Wealth Inc. boosted its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,980 shares of the semiconductor manufacturer's stock after buying an additional 1,014 shares during the quarter. OMNI 360 Wealth Inc.'s holdings in Broadcom were worth $499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $25,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter valued at $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on AVGO shares. Evercore ISI reissued an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Barclays lifted their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Susquehanna lifted their price target on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Finally, Oppenheimer lifted 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. One equities research 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 presently has an average rating of "Buy" and a consensus price target of $282.71.
Get Our Latest Research Report on AVGO
Broadcom Stock Up 0.3%
AVGO stock opened at $274.93 on Tuesday. 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 company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The business's 50 day moving average price is $240.40 and its two-hundred day moving average price is $217.54. 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 posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $10.96 EPS. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's payout ratio is currently 88.39%.
Broadcom announced that its Board of Directors has approved a share 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.
Insiders Place Their Bets
In related news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on 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 directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were 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 directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% 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 worth $221,433,761 in the last three months. Corporate insiders own 2.00% of the company's stock.
About Broadcom
(
Free Report)
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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