Wealth Effects LLC Has $2.38 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Wealth Effects LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 14,192 shares of the semiconductor manufacturer’s stock after selling 307 shares during the quarter. Broadcom comprises approximately 1.0% of Wealth Effects LLC’s investment portfolio, making the stock its 17th largest holding. Wealth Effects LLC’s holdings in Broadcom were worth $2,376,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Omnia Family Wealth LLC lifted its holdings in Broadcom by 71.1% during the 1st quarter. Omnia Family Wealth LLC now owns 4,468 shares of the semiconductor manufacturer’s stock worth $748,000 after buying an additional 1,857 shares during the period. TigerOak Management L.L.C. lifted its holdings in Broadcom by 6.9% during the 1st quarter. TigerOak Management L.L.C. now owns 3,633 shares of the semiconductor manufacturer’s stock worth $608,000 after buying an additional 235 shares during the period. Tyche Wealth Partners LLC lifted its holdings in Broadcom by 12.6% during the 1st quarter. Tyche Wealth Partners LLC now owns 3,973 shares of the semiconductor manufacturer’s stock worth $665,000 after buying an additional 445 shares during the period. Alpine Bank Wealth Management acquired a new position in Broadcom during the 1st quarter worth about $2,289,000. Finally, FFG Partners LLC lifted its holdings in Broadcom by 2,784.1% during the 1st quarter. FFG Partners LLC now owns 57,134 shares of the semiconductor manufacturer’s stock worth $9,566,000 after buying an additional 55,153 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the completion of the transaction, the chief executive officer now owns 974,152 shares in the company, valued at $255,393,429.84. The trade was a 3.94% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 301,468 shares of company stock valued at $74,670,250. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two investment analysts have rated the stock with a hold rating, twenty-six have issued 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 an average target price of $281.25.

Broadcom Stock Performance

Shares of AVGO opened at $264.65 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a 50 day moving average price of $225.48 and a two-hundred day moving average price of $213.98. The firm has a market capitalization of $1.24 trillion, a P/E ratio of 99.12, a P/E/G 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.

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 firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 EPS. Equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign 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. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

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.