Pines Wealth Management LLC Acquires 830 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pines Wealth Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% in the first quarter, Holdings Channel reports. The institutional investor owned 22,470 shares of the semiconductor manufacturer’s stock after acquiring an additional 830 shares during the period. Broadcom accounts for 1.5% of Pines Wealth Management LLC’s holdings, making the stock its 15th biggest position. Pines Wealth Management LLC’s holdings in Broadcom were worth $3,506,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sovereign Financial Group Inc. lifted its position in shares of Broadcom by 11.9% during the first quarter. Sovereign Financial Group Inc. now owns 6,630 shares of the semiconductor manufacturer’s stock valued at $1,110,000 after buying an additional 706 shares during the last quarter. Snider Financial Group raised its stake in shares of Broadcom by 26.5% during the 1st quarter. Snider Financial Group now owns 13,292 shares of the semiconductor manufacturer’s stock worth $2,226,000 after acquiring an additional 2,783 shares in the last quarter. McNamara Financial Services Inc. purchased a new stake in Broadcom during the first quarter valued at approximately $393,000. Prospect Financial Services LLC boosted its stake in Broadcom by 20.1% in the first quarter. Prospect Financial Services LLC now owns 3,178 shares of the semiconductor manufacturer’s stock valued at $532,000 after acquiring an additional 532 shares in the last quarter. Finally, MKT Advisors LLC grew its holdings in Broadcom by 0.9% in the first quarter. MKT Advisors LLC now owns 6,712 shares of the semiconductor manufacturer’s stock worth $1,035,000 after purchasing an additional 58 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. Citigroup reiterated a “buy” rating and set a $276.00 price objective (up previously from $210.00) on shares of Broadcom in a report on Tuesday. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday. Rosenblatt Securities upped their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday. Finally, Oppenheimer increased their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $270.25.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Shares of AVGO opened at $246.95 on Friday. The business’s 50-day moving average is $203.73 and its two-hundred day moving average is $206.22. The company has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend 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%.

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

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.