Parr Mcknight Wealth Management Group LLC Has $7.50 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Parr Mcknight Wealth Management Group LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 44,794 shares of the semiconductor manufacturer's stock after acquiring an additional 5,864 shares during the period. Broadcom accounts for about 1.1% of Parr Mcknight Wealth Management Group LLC's holdings, making the stock its 17th largest position. Parr Mcknight Wealth Management Group LLC's holdings in Broadcom were worth $7,500,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC boosted its stake in Broadcom by 21.8% during the 4th 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. Revolve Wealth Partners LLC lifted its position in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the period. Bank Pictet & Cie Europe AG lifted its position in shares of Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE lifted its position in shares of Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the period. Finally, Proficio Capital Partners LLC lifted its position in shares of Broadcom by 46.2% in the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after acquiring an additional 6,168 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on AVGO shares. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Finally, KeyCorp raised their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $285.00.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock valued at $221,433,761 in the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 2.2%

Shares of Broadcom stock opened at $277.90 on Thursday. The stock has a market cap of $1.31 trillion, a P/E ratio of 104.08, a P/E/G ratio of 1.93 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $279.94. The business's 50 day moving average is $243.73 and its 200-day moving average is $218.33.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm 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 business's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.96 earnings per share. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Broadcom 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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