BigSur Wealth Management LLC Buys 2,393 Shares of Broadcom Inc. (NASDAQ:AVGO)

BigSur Wealth Management LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 50.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,105 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,393 shares during the period. BigSur Wealth Management LLC’s holdings in Broadcom were worth $1,190,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in shares of Broadcom during the 4th quarter valued at $357,000. Capital & Planning LLC increased its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its position in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in Broadcom in the 4th quarter worth about $71,312,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Citigroup lifted their price objective on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, June 9th. Oppenheimer lifted their price objective on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Finally, Mizuho lifted their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Stock Performance

NASDAQ:AVGO opened at $248.70 on Friday. 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 Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The firm has a market cap of $1.17 trillion, a PE ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The business has a 50 day moving average price of $213.01 and a 200-day moving average price of $209.15.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $14.98 billion. During the same period in the previous year, the firm earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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 outstanding 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business’s stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 730,576 shares of company stock valued at $133,778,494 over the last three months. 2.00% of the stock is owned by company insiders.

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.