Virtus Wealth Solutions LLC Has $1.63 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Virtus Wealth Solutions LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,745 shares of the semiconductor manufacturer's stock after selling 2,616 shares during the quarter. Broadcom makes up about 0.5% of Virtus Wealth Solutions LLC's investment portfolio, making the stock its 20th largest holding. Virtus Wealth Solutions LLC's holdings in Broadcom were worth $1,632,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the 4th quarter worth approximately $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

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

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a report on Tuesday. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Citigroup upped their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and a consensus target price of $281.25.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's 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 completion of the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 337,818 shares of company stock worth $84,167,415 over the last three months. Company insiders own 2.00% of the company's stock.

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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