Sequoia Financial Advisors LLC Acquires 7,634 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sequoia Financial Advisors LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 557,603 shares of the semiconductor manufacturer's stock after purchasing an additional 7,634 shares during the period. Broadcom makes up 0.7% of Sequoia Financial Advisors LLC's investment portfolio, making the stock its 27th biggest holding. Sequoia Financial Advisors LLC's holdings in Broadcom were worth $93,359,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of AVGO. Aspetuck Financial Management LLC acquired a new position in shares of Broadcom during the 1st quarter valued at about $2,110,000. Pure Financial Advisors LLC boosted its position in Broadcom by 22.5% during the first quarter. Pure Financial Advisors LLC now owns 10,127 shares of the semiconductor manufacturer's stock worth $1,696,000 after purchasing an additional 1,860 shares during the period. SOL Capital Management CO acquired a new position in Broadcom during the first quarter valued at approximately $943,000. Security National Bank grew its holdings in Broadcom by 5.5% during the first quarter. Security National Bank now owns 22,263 shares of the semiconductor manufacturer's stock valued at $3,727,000 after purchasing an additional 1,159 shares during the last quarter. Finally, Omnia Family Wealth LLC raised its position in shares of Broadcom by 71.1% in the first quarter. Omnia Family Wealth LLC now owns 4,468 shares of the semiconductor manufacturer's stock valued at $748,000 after purchasing an additional 1,857 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Bank of America increased their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $281.25.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,818 shares of company stock valued at $84,167,415 in the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 2.1%

Shares of NASDAQ AVGO opened at $270.17 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $271.67. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The business has a fifty day moving average of $227.46 and a two-hundred day moving average of $214.61. The stock has a market cap of $1.27 trillion, a PE ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11.

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 (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its Board of Directors has approved a share buyback 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

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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