Bogart Wealth LLC Acquires 32,986 Shares of Broadcom Inc. (NASDAQ:AVGO)

by · The Cerbat Gem

Bogart Wealth LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 75.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 76,566 shares of the semiconductor manufacturer’s stock after buying an additional 32,986 shares during the quarter. Bogart Wealth LLC’s holdings in Broadcom were worth $12,819,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sigma Planning Corp lifted its position in shares of Broadcom by 22.7% during the 1st quarter. Sigma Planning Corp now owns 74,858 shares of the semiconductor manufacturer’s stock worth $12,533,000 after buying an additional 13,839 shares during the last quarter. Catalyst Financial Partners LLC raised its position in Broadcom by 7.9% in the first quarter. Catalyst Financial Partners LLC now owns 22,970 shares of the semiconductor manufacturer’s stock valued at $3,846,000 after purchasing an additional 1,677 shares during the last quarter. Signaturefd LLC raised its position in Broadcom by 5.9% in the first quarter. Signaturefd LLC now owns 84,845 shares of the semiconductor manufacturer’s stock valued at $14,206,000 after purchasing an additional 4,734 shares during the last quarter. Slow Capital Inc. raised its position in Broadcom by 7.2% in the first quarter. Slow Capital Inc. now owns 214,247 shares of the semiconductor manufacturer’s stock valued at $35,871,000 after purchasing an additional 14,377 shares during the last quarter. Finally, Edgestream Partners L.P. raised its position in Broadcom by 88.6% in the first quarter. Edgestream Partners L.P. now owns 16,608 shares of the semiconductor manufacturer’s stock valued at $2,781,000 after purchasing an additional 7,803 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Mizuho raised their price objective on Broadcom from $310.00 to $315.00 and gave the stock an “outperform” rating in a research report on Thursday, July 3rd. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective for the company. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $290.21.

View Our Latest Stock Report on AVGO

Broadcom Price Performance

NASDAQ:AVGO opened at $274.38 on Monday. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a 50 day simple moving average of $246.70 and a 200-day simple moving average of $218.54. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm earned $10.96 earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

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

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% 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 36,350 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 828,916 shares of company stock valued at $216,785,761. Insiders own 2.00% of the company’s stock.

Broadcom 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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