Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Northwest Financial Advisors

by · The Markets Daily

Northwest Financial Advisors increased its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 70.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,031 shares of the semiconductor manufacturer’s stock after acquiring an additional 837 shares during the quarter. Northwest Financial Advisors’ holdings in Broadcom were worth $340,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Susquehanna lifted their price objective on shares of Broadcom from $250.00 to $280.00 and gave the company a “positive” rating in a report on Thursday, May 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 target price on shares of Broadcom in a report on Friday, March 7th. William Blair reiterated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Morgan Stanley lifted their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Finally, KeyCorp lifted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $246.00.

Check Out Our Latest Analysis on Broadcom

Broadcom Stock Down 0.4%

Shares of Broadcom stock opened at $259.93 on Friday. The company has a market cap of $1.22 trillion, a P/E ratio of 212.02, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The firm has a fifty day moving average of $202.16 and a two-hundred day moving average of $205.65.

Broadcom (NASDAQ:AVGO – Get Free Report) last issued 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. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the business posted $10.96 EPS. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.91%. Broadcom’s payout ratio is 113.46%.

About Broadcom

(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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