Good Life Advisors LLC Raises Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Good Life Advisors LLC lifted its position in Broadcom Inc. (NASDAQ:AVGO) by 10.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,994 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,613 shares during the period. Good Life Advisors LLC’s holdings in Broadcom were worth $2,845,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Howard Bailey Securities LLC raised its position in Broadcom by 6.1% during the 1st quarter. Howard Bailey Securities LLC now owns 1,676 shares of the semiconductor manufacturer’s stock valued at $281,000 after purchasing an additional 96 shares in the last quarter. Trust Co. of Toledo NA OH increased its stake in shares of Broadcom by 7.8% during the first quarter. Trust Co. of Toledo NA OH now owns 21,838 shares of the semiconductor manufacturer’s stock valued at $3,656,000 after buying an additional 1,580 shares during the period. Morton Capital Management LLC CA raised its holdings in shares of Broadcom by 6.9% in the first quarter. Morton Capital Management LLC CA now owns 4,469 shares of the semiconductor manufacturer’s stock valued at $748,000 after acquiring an additional 290 shares in the last quarter. Optas LLC lifted its stake in Broadcom by 1.6% in the first quarter. Optas LLC now owns 30,854 shares of the semiconductor manufacturer’s stock worth $5,166,000 after acquiring an additional 500 shares during the period. Finally, Asio Capital LLC grew its holdings in Broadcom by 0.4% during the 1st quarter. Asio Capital LLC now owns 53,370 shares of the semiconductor manufacturer’s stock worth $8,936,000 after acquiring an additional 211 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Oppenheimer upped their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a research report on Friday, June 6th. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Morgan Stanley upped their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Finally, Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $276.09.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock worth $133,778,494 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 2.9%

Broadcom stock opened at $248.70 on Monday. The business’s 50-day simple moving average is $213.01 and its two-hundred day simple moving average is $209.85. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $1.17 trillion, a PE ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.

Broadcom (NASDAQ:AVGO) last released its 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

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

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.