Parisi Gray Wealth Management Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Parisi Gray Wealth Management increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 14,781 shares of the semiconductor manufacturer's stock after purchasing an additional 2,628 shares during the quarter. Broadcom accounts for 0.8% of Parisi Gray Wealth Management's holdings, making the stock its 27th biggest holding. Parisi Gray Wealth Management's holdings in Broadcom were worth $2,475,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $357,000. Capital & Planning LLC increased its stake in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC lifted its position in shares of Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC boosted 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 bought a new position in shares of Broadcom in the fourth quarter worth about $71,312,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on AVGO shares. Barclays boosted their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday. Oppenheimer increased their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research note on Friday. Finally, William Blair reaffirmed an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $272.71.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction 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 sale, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 0.1%

NASDAQ:AVGO traded up $0.35 during mid-day trading on Tuesday, hitting $244.63. 25,457,534 shares of the company's stock traded hands, compared to its average volume of 31,006,436. The company has a fifty day moving average of $205.17 and a 200 day moving average of $207.37. 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 Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a market capitalization of $1.15 trillion, a P/E ratio of 199.54, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm posted $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom's dividend 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 outstanding 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 typically a sign that the company's leadership believes its shares are undervalued.

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.