Broadcom Inc. (NASDAQ:AVGO) Holdings Lifted by Wedbush Securities Inc.

Wedbush Securities Inc. grew its position in Broadcom Inc. (NASDAQ:AVGO) by 8.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 61,879 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,820 shares during the period. Wedbush Securities Inc.’s holdings in Broadcom were worth $10,360,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. True Wealth Design LLC raised its holdings in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Mizuho Bank Ltd. boosted its position in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock valued at $174,000 after buying an additional 50 shares during the period. Fulton Breakefield Broenniman LLC increased its stake in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock valued at $357,000 after purchasing an additional 50 shares in the last quarter. American Financial Advisors LLC lifted its holdings in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $240,000 after purchasing an additional 52 shares in the last quarter. Finally, First Bank & Trust increased its position in Broadcom by 1.9% in the first quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer’s stock worth $493,000 after purchasing an additional 55 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock opened at $278.59 on Wednesday. The firm has a market cap of $1.31 trillion, a PE ratio of 104.34, a P/E/G ratio of 2.05 and a beta of 1.12. 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 business has a 50 day moving average of $254.41 and a 200-day moving average of $220.17. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $290.54.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results 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 business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 earnings per share. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. Broadcom’s dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the sale, the chief financial officer owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AVGO shares. Citigroup raised their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. Mizuho boosted their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. Barclays boosted 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, Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $292.08.

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.