Pines Wealth Management LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Pines Wealth Management LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,470 shares of the semiconductor manufacturer’s stock after buying an additional 830 shares during the quarter. Broadcom makes up 1.5% of Pines Wealth Management LLC’s portfolio, making the stock its 15th biggest holding. Pines Wealth Management LLC’s holdings in Broadcom were worth $3,506,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Canton Hathaway LLC bought a new position in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 5.0%

Shares of AVGO opened at $246.95 on Friday. The company’s fifty day simple moving average is $203.73 and its 200-day simple moving average is $206.22. The company has a market cap of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the company posted $10.96 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The business 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is presently 113.46%.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. Wells Fargo & Company upped their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday. Bank of America upped 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. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Saturday. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a “buy” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $270.25.

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.