Concord Wealth Partners Has $6.01 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Concord Wealth Partners decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 22.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 35,906 shares of the semiconductor manufacturer’s stock after selling 10,109 shares during the period. Broadcom comprises 1.0% of Concord Wealth Partners’ holdings, making the stock its 27th biggest position. Concord Wealth Partners’ holdings in Broadcom were worth $6,012,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC grew its holdings in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares of the company’s stock, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.0%

Broadcom stock opened at $280.81 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $283.59. The firm’s fifty day moving average is $251.34 and its 200 day moving average is $219.63. The company has a market capitalization of $1.32 trillion, a PE ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The business’s revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.84%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. KeyCorp lifted their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Rosenblatt Securities lifted their target price on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Barclays lifted their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Finally, Bank of America lifted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $292.08.

Broadcom 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.