Wealthspire Advisors LLC Acquires 1,654 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Wealthspire Advisors LLC increased its holdings in Broadcom Inc. by 4.0%, acquiring an additional 1,654 shares, bringing its total to 43,162 shares valued at approximately $7.2 million.
• Broadcom reported earnings of $1.58 per share and $15 billion in revenue, exceeding analysts' expectations for the quarter.
• The company's quarterly dividend of $0.59 represents an annualized yield of 0.8%, with a payout ratio of 88.39%.

Wealthspire Advisors LLC raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,162 shares of the semiconductor manufacturer's stock after acquiring an additional 1,654 shares during the quarter. Wealthspire Advisors LLC's holdings in Broadcom were worth $7,227,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at about $25,000. Cheviot Value Management LLC acquired a new stake in Broadcom in the 1st quarter worth approximately $25,000. 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. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on AVGO. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, The Goldman Sachs Group began coverage on Broadcom in a research report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price objective for the company. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Broadcom Trading Up 3.0%

Broadcom stock traded up $8.74 during mid-day trading on Wednesday, hitting $301.67. The stock had a trading volume of 17,275,421 shares, compared to its average volume of 17,267,806. The stock has a 50-day simple moving average of $270.33 and a two-hundred day simple moving average of $225.92. The stock has a market capitalization of $1.42 trillion, a PE ratio of 112.99, a P/E/G ratio of 2.08 and a beta of 1.15. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $306.95. 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 (NASDAQ:AVGO - Get Free Report) last posted 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 business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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

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.