AAFMAA Wealth Management & Trust LLC Acquires 2,442 Shares of Broadcom Inc. (NASDAQ:AVGO)

AAFMAA Wealth Management & Trust LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 19.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,828 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,442 shares during the quarter. Broadcom makes up 1.1% of AAFMAA Wealth Management & Trust LLC’s portfolio, making the stock its 18th biggest position. AAFMAA Wealth Management & Trust LLC’s holdings in Broadcom were worth $2,483,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AVGO. GGM Financials LLC bought a new position in shares of Broadcom during the first quarter valued at approximately $386,000. Independence Bank of Kentucky lifted its holdings in Broadcom by 24.8% during the first quarter. Independence Bank of Kentucky now owns 18,775 shares of the semiconductor manufacturer’s stock worth $3,143,000 after buying an additional 3,725 shares during the period. KFG Wealth Management LLC lifted its holdings in Broadcom by 7.7% during the first quarter. KFG Wealth Management LLC now owns 2,435 shares of the semiconductor manufacturer’s stock worth $408,000 after buying an additional 174 shares during the period. Sara Bay Financial boosted its position in Broadcom by 0.8% during the 1st quarter. Sara Bay Financial now owns 7,966 shares of the semiconductor manufacturer’s stock valued at $1,347,000 after acquiring an additional 62 shares in the last quarter. Finally, First Affirmative Financial Network increased its holdings in shares of Broadcom by 5.8% in the 1st quarter. First Affirmative Financial Network now owns 5,596 shares of the semiconductor manufacturer’s stock valued at $937,000 after acquiring an additional 308 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 5.0%

AVGO stock opened at $246.95 on Friday. The company has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm’s fifty day simple moving average is $203.73 and its 200-day simple moving average is $206.22. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last posted its earnings results 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. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s payout ratio is 113.46%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday. Redburn Atlantic initiated 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. Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Finally, Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $270.25.

Broadcom Profile

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.