Western Pacific Wealth Management LP Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Western Pacific Wealth Management LP increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 103.7% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,251 shares of the semiconductor manufacturer’s stock after buying an additional 1,146 shares during the quarter. Western Pacific Wealth Management LP’s holdings in Broadcom were worth $377,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider now owns 789,784 shares of the company’s stock, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 730,576 shares of company stock worth $133,778,494. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several recent research reports. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Barclays lifted their price objective on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Finally, Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Trading Down 2.9%

Shares of AVGO stock opened at $248.70 on Monday. 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 business has a 50-day moving average price of $213.01 and a two-hundred day moving average price of $209.85. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The firm has a market cap of $1.17 trillion, a P/E ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

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

Broadcom declared that its Board of Directors has approved a share 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 typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

About Broadcom

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.