Pursue Wealth Partners LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Pursue Wealth Partners LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,223 shares of the semiconductor manufacturer's stock, valued at approximately $1,209,000.

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

Insider Activity

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 875,444 shares of company stock worth $172,097,492 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Up 3.9%

NASDAQ:AVGO traded up $10.00 during mid-day trading on Tuesday, hitting $263.77. 32,724,001 shares of the company's stock were exchanged, compared to its average volume of 29,327,658. The company has a market cap of $1.24 trillion, a PE ratio of 98.79, a P/E/G ratio of 1.81 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 Inc. has a one year low of $128.50 and a one year high of $265.58. The business has a fifty day moving average price of $223.68 and a 200 day moving average price of $213.63.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.96 EPS. Equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday, June 15th. Oppenheimer increased their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, UBS Group increased their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $281.25.

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.