Broadcom Inc. (NASDAQ:AVGO) Stake Boosted by Golden State Wealth Management LLC

Golden State Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 154.1% during the first quarter, HoldingsChannel reports. The fund owned 37,860 shares of the semiconductor manufacturer’s stock after purchasing an additional 22,962 shares during the quarter. Golden State Wealth Management LLC’s holdings in Broadcom were worth $6,340,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. Norges Bank acquired a new position in Broadcom in the 4th quarter worth about $16,893,010,000. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now owns 789,784 shares in the company, valued at approximately $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 have sold 301,468 shares of company stock valued at $74,670,250. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $264.65 on Thursday. 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 company has a market cap of $1.24 trillion, a PE ratio of 99.12, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The firm has a fifty day moving average price of $225.48 and a two-hundred day moving average price of $213.98. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $269.87.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The company 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. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.89%. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Mizuho increased their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Friday, June 6th. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. Finally, Cowen reissued a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average 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.