Bernard Wealth Management Corp. Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Bernard Wealth Management Corp. increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,452 shares of the semiconductor manufacturer’s stock after purchasing an additional 72 shares during the period. Bernard Wealth Management Corp.’s holdings in Broadcom were worth $243,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after buying an additional 18,845 shares during the period. Nebula Research & Development LLC grew its position in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after buying an additional 14,399 shares during the period. Kovack Advisors Inc. grew its position in Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after buying an additional 2,570 shares during the period. SOA Wealth Advisors LLC. grew its position in Broadcom by 50.6% during the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock worth $245,000 after buying an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC grew its position in Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after buying an additional 86,884 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on AVGO shares. UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Oppenheimer increased their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Finally, Rosenblatt Securities upped their price target 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. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Stock Down 2.9%

NASDAQ:AVGO opened at $248.70 on Friday. The company has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a 50-day simple moving average of $213.01 and a 200 day simple moving average of $209.15. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued 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 0.95%. Broadcom’s dividend payout ratio is currently 88.39%.

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

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The stock was 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 of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock valued at $133,778,494 over the last quarter. Insiders own 2.00% of the company’s stock.

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.