Smith Salley Wealth Management Has $13.69 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Smith Salley Wealth Management raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 81,735 shares of the semiconductor manufacturer's stock after purchasing an additional 11,987 shares during the period. Smith Salley Wealth Management's holdings in Broadcom were worth $13,685,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SlateStone Wealth LLC boosted its stake in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares during the period. True Wealth Design LLC lifted its holdings in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares in the last quarter. Global Strategic Investment Solutions LLC boosted its position in shares of Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after buying an additional 50 shares during the period. Cascade Financial Partners LLC grew its holdings in shares of Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after buying an additional 50 shares in the last quarter. Finally, Samalin Investment Counsel LLC raised its position in Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after buying an additional 50 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 equities research analysts have commented on the company. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom 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 issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has an average rating of "Buy" and a consensus target price of $281.25.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 over the last quarter. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded up $5.16 during mid-day trading on Wednesday, hitting $269.90. The company's stock had a trading volume of 17,204,582 shares, compared to its average volume of 28,759,327. The stock's 50-day moving average is $233.52 and its two-hundred day moving average is $216.44. The firm has a market capitalization of $1.27 trillion, a PE ratio of 101.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 EPS. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current 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 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 was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

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.