Aurora Private Wealth Inc. Raises Stake in Broadcom Inc. (NASDAQ:AVGO)

Aurora Private Wealth Inc. boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 1,228.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,427 shares of the semiconductor manufacturer’s stock after purchasing an additional 46,630 shares during the quarter. Aurora Private Wealth Inc.’s holdings in Broadcom were worth $8,443,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $30,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.3%

Shares of AVGO stock opened at $264.65 on Thursday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $269.87. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.24 trillion, a PE ratio of 99.12, a PEG ratio of 1.88 and a beta of 1.11. The stock has a fifty day simple moving average of $225.48 and a two-hundred day simple moving average of $213.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. Broadcom’s payout ratio is presently 88.39%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the sale, the chief executive officer now directly owns 974,152 shares of the company’s stock, valued at approximately $255,393,429.84. The trade was a 3.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated 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 completion of the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 301,468 shares of company stock worth $74,670,250. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on AVGO. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Citigroup upped their price objective on Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Morgan Stanley upped their price objective on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $281.25.

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.