Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Parr Mcknight Wealth Management Group LLC

Parr Mcknight Wealth Management Group LLC raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 44,794 shares of the semiconductor manufacturer's stock after purchasing an additional 5,864 shares during the period. Broadcom accounts for approximately 1.1% of Parr Mcknight Wealth Management Group LLC's portfolio, making the stock its 17th biggest holding. Parr Mcknight Wealth Management Group LLC's holdings in Broadcom were worth $7,500,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC increased its position in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock traded down $0.62 during trading hours on Friday, hitting $274.78. 9,301,705 shares of the company were exchanged, compared to its average volume of 28,204,581. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. 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 business has a 50-day moving average of $245.29 and a 200-day moving average of $218.63. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.94, a P/E/G ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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 analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's 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 earnings per share. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on AVGO shares. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a report on Thursday. They issued a "buy" rating and a $315.00 price objective for the company. Finally, Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $290.21.

Insider Buying and Selling

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the 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 in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,716 shares of company stock valued at $216,933,761 in the last three months. 2.00% of the stock is owned by 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.