Tulsa Wealth Advisors INC Purchases Shares of 67,508 Broadcom Inc. $AVGO

Key Points

• Tulsa Wealth Advisors bought 67,508 shares of Broadcom in the fourth quarter, worth about $23.4 million, making AVGO its largest portfolio holding at 7.8%.
• Broadcom reported better-than-expected earnings for the quarter, with EPS of $2.44 versus $2.40 estimated and revenue of $22.19 billion, up 47.9% year over year.
• Wall Street remains bullish on the stock: several analysts raised price targets, and the consensus rating is Moderate Buy with an average target price of $490.13.

Tulsa Wealth Advisors INC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 67,508 shares of the semiconductor manufacturer's stock, valued at approximately $23,365,000. Broadcom comprises approximately 7.8% of Tulsa Wealth Advisors INC's portfolio, making the stock its biggest position.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Brighton Jones LLC lifted its position in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares in the last quarter. United Bank increased its holdings in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer's stock worth $392,000 after buying an additional 1,014 shares during the last quarter. Sivia Capital Partners LLC raised its position in shares of Broadcom by 10.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,693 shares of the semiconductor manufacturer's stock valued at $3,499,000 after buying an additional 1,160 shares in the last quarter. Finally, Capital & Planning LLC raised its position in shares of Broadcom by 10.5% during the 2nd quarter. Capital & Planning LLC now owns 3,983 shares of the semiconductor manufacturer's stock valued at $1,098,000 after buying an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $411.35 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. Broadcom Inc. has a 52-week low of $244.17 and a 52-week high of $495.00. The company has a fifty day moving average of $411.42 and a 200-day moving average of $363.50. The stock has a market capitalization of $1.96 trillion, a price-to-earnings ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.04. The company had revenue of $22.19 billion for the quarter, compared to analysts' expectations of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm's revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 EPS. Equities research analysts expect that Broadcom Inc. will post 10.24 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom's payout ratio is currently 43.33%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 4,825 shares of the business's stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $394.91, for a total value of $1,905,440.75. Following the completion of the sale, the insider owned 269,989 shares of the company's stock, valued at approximately $106,621,355.99. The trade was a 1.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the sale, the insider owned 787,184 shares of the company's stock, valued at $271,759,532.32. This represents a 1.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 59,385 shares of company stock valued at $21,301,057. 1.90% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Mizuho upped their target price on shares of Broadcom from $480.00 to $530.00 and gave the stock an "outperform" rating in a research report on Thursday, June 4th. Citigroup restated a "buy" rating on shares of Broadcom in a research report on Thursday, June 4th. Truist Financial lifted their price target on Broadcom from $545.00 to $550.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Susquehanna reiterated a "positive" rating and issued a $490.00 price objective (up from $450.00) on shares of Broadcom in a report on Thursday, May 28th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $545.00 price objective (up from $430.00) on shares of Broadcom in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $490.13.

More Broadcom News

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be 'aggressive buyers' of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom's Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn't Make Sense.' Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

About Broadcom

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.