Parr Mcknight Wealth Management Group LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Parr Mcknight Wealth Management Group LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,794 shares of the semiconductor manufacturer's stock after buying an additional 5,864 shares during the period. Broadcom accounts for 1.1% of Parr Mcknight Wealth Management Group LLC's portfolio, 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 Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in AVGO. Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the period. Geode Capital Management LLC grew its position in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC raised its position in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank bought a new position in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp grew its holdings in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $2.50 on Thursday, hitting $275.40. 17,848,136 shares of the stock were exchanged, compared to its average volume of 28,277,906. The company has a market capitalization of $1.30 trillion, a PE ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business's fifty day moving average is $243.73 and its 200 day moving average is $218.33. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.42.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share repurchase 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 buy up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on AVGO. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities increased their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. UBS Group upped their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company upped their price target 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, Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $290.21.

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.