Daymark Wealth Partners LLC Has $24.98 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Daymark Wealth Partners LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGO) by 10.2% in the first quarter, Holdings Channel.com reports. The fund owned 149,218 shares of the semiconductor manufacturer’s stock after acquiring an additional 13,833 shares during the quarter. Broadcom makes up about 1.1% of Daymark Wealth Partners LLC’s investment portfolio, making the stock its 17th largest position. Daymark Wealth Partners LLC’s holdings in Broadcom were worth $24,984,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC lifted its stake in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares during the last quarter. Global Strategic Investment Solutions LLC lifted its stake in Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after acquiring an additional 50 shares during the last quarter. Cascade Financial Partners LLC lifted its stake in Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares during the last quarter. Finally, Samalin Investment Counsel LLC lifted its stake in Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after acquiring an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom 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 sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction 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 in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 211,468 shares of company stock worth $51,519,450 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 3.9%

Shares of AVGO stock opened at $263.77 on Wednesday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.87. The firm’s fifty day simple moving average is $223.68 and its 200 day simple moving average is $213.63. The firm has a market capitalization of $1.24 trillion, a P/E ratio of 98.79, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. 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 announced 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 net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 earnings per share. Broadcom’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. Broadcom’s dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. Finally, Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company 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 two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has an average rating of “Buy” and a consensus target price of $281.25.

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.