BNC Wealth Management LLC Takes $1.35 Million Position in Broadcom Inc. (NASDAQ:AVGO)

BNC Wealth Management LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO) during the first quarter, according to its most recent filing with the SEC. The firm purchased 8,040 shares of the semiconductor manufacturer’s stock, valued at approximately $1,346,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after acquiring an additional 18,845 shares during the period. Nebula Research & Development LLC grew its stake in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after buying an additional 14,399 shares during the last quarter. Kovack Advisors Inc. grew its stake in Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after buying an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. grew its stake in Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock worth $245,000 after buying an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC grew its stake in Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after buying an additional 86,884 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on AVGO. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. JPMorgan Chase & Co. boosted their target price on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $276.09.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 789,784 shares of the company’s stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock worth $133,778,494 over the last quarter. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 2.9%

Shares of AVGO opened at $248.70 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The stock’s 50-day moving average price is $213.01 and its 200-day moving average price is $209.15.

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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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 0.95%. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has authorized a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Broadcom Company 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.