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Wills Financial Group LLC Buys New Stake in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Wills Financial Group LLC acquired 17,895 shares of Broadcom Inc., valued at approximately $2,996,000, making it the firm's 29th largest holding.
  • Broadcom's recent quarterly earnings beat analysts' expectations with $1.58 earnings per share, up from $10.96 earnings per share in the same quarter last year.
  • Broadcom announced a $10 billion stock repurchase plan, indicating management's belief that its stock is currently undervalued.
  • Interested in Broadcom? Here are five stocks we like better.

Wills Financial Group LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,895 shares of the semiconductor manufacturer's stock, valued at approximately $2,996,000. Broadcom makes up about 1.3% of Wills Financial Group LLC's investment portfolio, making the stock its 29th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Kickstand Ventures LLC. grew its holdings in shares of Broadcom by 13.2% in the first quarter. Kickstand Ventures LLC. now owns 2,319 shares of the semiconductor manufacturer's stock valued at $388,000 after purchasing an additional 270 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in shares of Broadcom by 3.2% in the first quarter. Westfield Capital Management Co. LP now owns 1,398,303 shares of the semiconductor manufacturer's stock valued at $234,118,000 after purchasing an additional 43,326 shares in the last quarter. Sfmg LLC grew its holdings in shares of Broadcom by 8.1% in the first quarter. Sfmg LLC now owns 16,897 shares of the semiconductor manufacturer's stock valued at $2,829,000 after purchasing an additional 1,268 shares in the last quarter. Accent Capital Management LLC grew its holdings in shares of Broadcom by 10.4% in the first quarter. Accent Capital Management LLC now owns 10,593 shares of the semiconductor manufacturer's stock valued at $1,774,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Strategic Investment Solutions Inc. IL grew its holdings in shares of Broadcom by 120.0% in the first quarter. Strategic Investment Solutions Inc. IL now owns 506 shares of the semiconductor manufacturer's stock valued at $85,000 after purchasing an additional 276 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director owned 24,582 shares of the company's stock, valued at $6,742,842.60. This trade represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.7%

Broadcom stock opened at $288.64 on Monday. The business has a fifty day moving average of $266.56 and a two-hundred day moving average of $224.50. 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 firm has a market cap of $1.36 trillion, a P/E ratio of 108.10, a P/E/G ratio of 2.05 and a beta of 1.15. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend 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 presently 88.39%.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. The Goldman Sachs Group began coverage on shares of Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price for the company. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $294.92.

Read Our Latest Stock Analysis on Broadcom

Broadcom Profile

(Free Report)

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.

Further Reading

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).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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.

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