Pandora Wealth Inc. Invests $323,000 in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Pandora Wealth Inc. invested approximately $323,000 in Broadcom Inc., acquiring 1,930 shares of the semiconductor manufacturer in the first quarter.
• Wide support for Broadcom's stock is indicated, with 26 analysts assigning a "buy" rating, and several firms raising price targets significantly, including a target up to $400.00.
• Broadcom recently reported earnings of $1.58 EPS, surpassing expectations, and has a current dividend yield of 0.8%.

Pandora Wealth Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,930 shares of the semiconductor manufacturer's stock, valued at approximately $323,000.

Other hedge funds have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth approximately $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. HSBC upgraded shares of 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. Evercore ISI reiterated an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $294.92.

Broadcom Trading Up 0.4%

NASDAQ AVGO opened at $304.97 on Friday. The company's fifty day simple moving average is $272.87 and its 200-day simple moving average is $226.82. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.43 trillion, a P/E ratio of 114.22, a PEG ratio of 2.16 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

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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