Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Wealthsource Partners LLC

Wealthsource Partners LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 277.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,616 shares of the semiconductor manufacturer’s stock after buying an additional 1,923 shares during the quarter. Wealthsource Partners LLC’s holdings in Broadcom were worth $1,647,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. ICICI Prudential Asset Management Co Ltd grew its holdings in shares of Broadcom by 16.0% during the first quarter. ICICI Prudential Asset Management Co Ltd now owns 1,177 shares of the semiconductor manufacturer’s stock valued at $743,000 after purchasing an additional 162 shares during the last quarter. Andesa Financial Management Inc. grew its holdings in Broadcom by 197.1% in the 1st quarter. Andesa Financial Management Inc. now owns 7,564 shares of the semiconductor manufacturer’s stock worth $4,763,000 after buying an additional 5,018 shares in the last quarter. Perennial Investment Advisors LLC grew its holdings in Broadcom by 20.3% in the 1st quarter. Perennial Investment Advisors LLC now owns 3,445 shares of the semiconductor manufacturer’s stock worth $2,168,000 after buying an additional 581 shares in the last quarter. Lincoln National Corp grew its holdings in Broadcom by 1.0% in the 1st quarter. Lincoln National Corp now owns 9,814 shares of the semiconductor manufacturer’s stock worth $6,180,000 after buying an additional 99 shares in the last quarter. Finally, Palisade Capital Management LLC NJ grew its holdings in Broadcom by 27.0% in the 1st quarter. Palisade Capital Management LLC NJ now owns 25,315 shares of the semiconductor manufacturer’s stock worth $15,940,000 after buying an additional 5,380 shares in the last quarter. 81.53% of the stock is owned by institutional investors.

Broadcom Stock Down 0.2 %

AVGO opened at $551.44 on Friday. The company has a market capitalization of $222.68 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 1.12 and a beta of 1.08. The business has a 50-day moving average of $518.75 and a 200-day moving average of $561.25. Broadcom Inc. has a fifty-two week low of $462.66 and a fifty-two week high of $677.76. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.14 and a quick ratio of 1.90.

Broadcom (NASDAQ:AVGOGet Rating) last posted its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $0.51. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The firm had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. During the same period in the previous year, the company earned $5.89 earnings per share. The company’s revenue was up 22.6% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 33.96 EPS for the current fiscal year.

Broadcom declared that its board has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd were issued a dividend of $4.10 per share. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 2.97%. Broadcom’s dividend payout ratio (DPR) is currently 81.31%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AVGO shares. Mizuho increased their price objective on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a report on Friday, May 27th. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. Bank of America cut their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Truist Financial upped their target price on Broadcom to $658.00 in a research report on Friday, May 27th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $680.46.

Broadcom Company Profile

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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