Accurate Wealth Management LLC Purchases 1,963 Shares of Broadcom Inc. (NASDAQ:AVGO)

Accurate Wealth Management LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO) by 10.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,706 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,963 shares during the period. Broadcom accounts for 0.7% of Accurate Wealth Management LLC’s portfolio, making the stock its 26th largest position. Accurate Wealth Management LLC’s holdings in Broadcom were worth $3,765,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Simplicity Wealth LLC raised its position in shares of Broadcom by 240.2% during the first quarter. Simplicity Wealth LLC now owns 21,540 shares of the semiconductor manufacturer’s stock worth $3,606,000 after purchasing an additional 15,208 shares during the period. GAMMA Investing LLC boosted its stake in Broadcom by 9.2% in the 1st quarter. GAMMA Investing LLC now owns 103,184 shares of the semiconductor manufacturer’s stock worth $17,276,000 after purchasing an additional 8,672 shares during the period. Wealthcare Capital Management LLC lifted its holdings in shares of Broadcom by 14.7% in the first quarter. Wealthcare Capital Management LLC now owns 1,964 shares of the semiconductor manufacturer’s stock valued at $329,000 after purchasing an additional 252 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Broadcom by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 45,398 shares of the semiconductor manufacturer’s stock valued at $7,601,000 after purchasing an additional 1,938 shares in the last quarter. Finally, Trust Co. of Oklahoma boosted its position in shares of Broadcom by 13.7% during the first quarter. Trust Co. of Oklahoma now owns 12,980 shares of the semiconductor manufacturer’s stock worth $2,173,000 after buying an additional 1,567 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a report on Friday. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $272.71.

Broadcom Stock Down 1.1%

AVGO opened at $244.28 on Tuesday. The stock has a fifty day moving average of $205.17 and a 200-day moving average of $207.37. The company has a market capitalization of $1.15 trillion, a P/E ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. 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 (NASDAQ:AVGO) last released 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.97%. Broadcom’s dividend payout ratio is presently 88.39%.

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.