Wealthedge Investment Advisors LLC Has $1.10 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Wealthedge Investment Advisors LLC reduced its stake in Broadcom Inc. by 57.5%, holding 6,591 shares worth approximately $1.10 million after selling 8,914 shares during the quarter.
• Analysts have favorable views on Broadcom, with twenty-six buy ratings and a significant price target increase, raising expectations from $240 to a new high of $320.
• Broadcom recently reported earnings of $1.58 per share, beating estimates, alongside a 20.2% increase in revenue year-over-year, totaling $15 billion for the quarter.

Wealthedge Investment Advisors LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 57.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,591 shares of the semiconductor manufacturer's stock after selling 8,914 shares during the quarter. Wealthedge Investment Advisors LLC's holdings in Broadcom were worth $1,104,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter worth $30,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC acquired a new position in Broadcom in the first quarter worth $25,000. Finally, Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter worth $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company raised their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. Finally, Mizuho increased their target price on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and an average target price of $295.96.

Broadcom Stock Up 0.7%

AVGO stock opened at $311.23 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $277.08 and a two-hundred day moving average price of $228.95. The company has a market cap of $1.46 trillion, a price-to-earnings ratio of 116.57, a P/E/G ratio of 2.20 and a beta of 1.15. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The business's revenue was up 20.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the sale, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred 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 directly owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock worth $217,040,489 in the last three months. 2.00% of the stock is owned by company insiders.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.