Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Prentice Wealth Management LLC

Prentice Wealth Management LLC boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 73.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,286 shares of the semiconductor manufacturer’s stock after acquiring an additional 4,784 shares during the period. Broadcom accounts for about 0.5% of Prentice Wealth Management LLC’s portfolio, making the stock its 26th largest holding. Prentice Wealth Management LLC’s holdings in Broadcom were worth $1,890,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 730,576 shares of company stock worth $133,778,494 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Down 2.9%

NASDAQ:AVGO opened at $248.70 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The stock has a market cap of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a 50-day simple moving average of $213.01 and a 200-day simple moving average of $209.50.

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

Broadcom declared that its board has approved a share 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Analysts Set New Price Targets

AVGO has been the topic of a number of research analyst reports. Morgan Stanley boosted their target price on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a research note on Friday, June 6th. Barclays increased 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. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

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.