Pure Financial Advisors LLC Buys 1,860 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pure Financial Advisors LLC boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,127 shares of the semiconductor manufacturer's stock after purchasing an additional 1,860 shares during the period. Pure Financial Advisors LLC's holdings in Broadcom were worth $1,696,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Canton Hathaway LLC bought a new stake in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth about $32,000. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were 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 now directly owns 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,818 shares of company stock valued at $84,167,415 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of Broadcom stock opened at $270.17 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $271.67. The firm's 50-day moving average is $227.46 and its 200 day moving average is $214.61. The stock has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analyst Weigh In

A number of research firms have commented on AVGO. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research report on Tuesday. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Morgan Stanley upped their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average target price of $281.25.

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.

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