Sharp Financial Services LLC Has $819,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

Sharp Financial Services LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 270.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,893 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,573 shares during the period. Broadcom comprises about 0.6% of Sharp Financial Services LLC’s investment portfolio, making the stock its 25th largest holding. Sharp Financial Services LLC’s holdings in Broadcom were worth $819,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SlateStone Wealth LLC boosted its holdings in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after acquiring an additional 47 shares in the last quarter. True Wealth Design LLC boosted its holdings in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Cascade Financial Partners LLC boosted its holdings in Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock worth $668,000 after acquiring an additional 50 shares in the last quarter. Samalin Investment Counsel LLC boosted its holdings in Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after acquiring an additional 50 shares in the last quarter. Finally, Mizuho Bank Ltd. boosted its holdings in Broadcom by 7.1% in the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after acquiring an additional 50 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of Broadcom stock opened at $274.87 on Friday. The business’s fifty day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Gayla J. Delly sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares of the company’s stock, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVGO shares. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Oppenheimer raised their target price on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Evercore ISI restated an “outperform” rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $281.46.

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.