Aurora Private Wealth Inc. Buys 46,630 Shares of Broadcom Inc. (NASDAQ:AVGO)

Aurora Private Wealth Inc. boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,228.1% during the 1st quarter, HoldingsChannel reports. The fund owned 50,427 shares of the semiconductor manufacturer’s stock after purchasing an additional 46,630 shares during the period. Aurora Private Wealth Inc.’s holdings in Broadcom were worth $8,443,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC boosted its position in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC boosted its position in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $264.65 on Thursday. The company has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 99.12, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $269.87. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $225.48 and a 200 day moving average of $213.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data 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 company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.96 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has initiated a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on 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 transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer now directly owns 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 301,468 shares of company stock valued at $74,670,250. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Wall Street Zen lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday, June 15th. Oppenheimer boosted their target price on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Truist Financial set a $295.00 target price on Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Citigroup boosted their price target on Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a report on Monday, June 9th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Broadcom presently has a consensus rating of “Buy” and a consensus target price of $281.25.

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.