BNC Wealth Management LLC Purchases Shares of 8,040 Broadcom Inc. (NASDAQ:AVGO)

BNC Wealth Management LLC purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 8,040 shares of the semiconductor manufacturer’s stock, valued at approximately $1,346,000.

Several other hedge funds have also bought and sold shares of the stock. Azzad Asset Management Inc. ADV grew its holdings in Broadcom by 16.1% during the first quarter. Azzad Asset Management Inc. ADV now owns 43,438 shares of the semiconductor manufacturer’s stock valued at $7,273,000 after purchasing an additional 6,038 shares during the period. BigSur Wealth Management LLC boosted its stake in shares of Broadcom by 50.8% in the first quarter. BigSur Wealth Management LLC now owns 7,105 shares of the semiconductor manufacturer’s stock worth $1,190,000 after acquiring an additional 2,393 shares during the period. Pullen Investment Management LLC boosted its stake in shares of Broadcom by 3.5% in the first quarter. Pullen Investment Management LLC now owns 3,010 shares of the semiconductor manufacturer’s stock worth $504,000 after acquiring an additional 101 shares during the period. Ipswich Investment Management Co. Inc. boosted its stake in shares of Broadcom by 1.5% in the first quarter. Ipswich Investment Management Co. Inc. now owns 4,067 shares of the semiconductor manufacturer’s stock worth $681,000 after acquiring an additional 60 shares during the period. Finally, Powers Advisory Group LLC boosted its stake in shares of Broadcom by 22.3% in the first quarter. Powers Advisory Group LLC now owns 1,339 shares of the semiconductor manufacturer’s stock worth $224,000 after acquiring an additional 244 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on AVGO shares. Wells Fargo & Company upped their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Rosenblatt Securities upped their price objective on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Barclays upped their price objective on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. Finally, Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 2.9%

Shares of NASDAQ AVGO opened at $248.70 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business’s 50 day moving average price is $213.01 and its 200-day moving average price is $209.15. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Broadcom Company Profile

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.