Spire Wealth Management Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Spire Wealth Management trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 71,117 shares of the semiconductor manufacturer’s stock after selling 685 shares during the period. Spire Wealth Management’s holdings in Broadcom were worth $11,907,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 301,468 shares of company stock worth $74,670,250 in the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $264.65 on Thursday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.24 trillion, a PE ratio of 99.12, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company’s 50 day simple moving average is $225.48 and its 200-day simple moving average is $213.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $269.87.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm posted $10.96 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The company also recently disclosed 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 0.89%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on AVGO shares. Morgan Stanley upped their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Barclays increased their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.