FWG Holdings LLC Has $778,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

by · The Cerbat Gem

FWG Holdings LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 2.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,645 shares of the semiconductor manufacturer’s stock after selling 116 shares during the period. FWG Holdings LLC’s holdings in Broadcom were worth $778,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC boosted its holdings in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock worth $30,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 828,916 shares of company stock valued at $216,785,761. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVGO. Evercore ISI reiterated an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday, June 6th. Wells Fargo & Company upped their target price on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, Mizuho upped their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $292.08.

Get Our Latest Stock Analysis on Broadcom

Broadcom Stock Up 1.9%

Broadcom stock opened at $280.94 on Wednesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36. The firm has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.22, a P/E/G ratio of 1.96 and a beta of 1.12. 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 50 day simple moving average of $249.82 and a 200 day simple moving average of $219.20.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.84%. Broadcom’s payout ratio is 88.39%.

Broadcom Company Profile

(Free Report)

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.

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