Destiny Wealth Partners LLC Grows Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Destiny Wealth Partners LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 22.3% during the first quarter, Holdings Channel.com reports. The fund owned 33,026 shares of the semiconductor manufacturer’s stock after purchasing an additional 6,013 shares during the quarter. Destiny Wealth Partners LLC’s holdings in Broadcom were worth $5,530,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 5.0%

Shares of Broadcom stock opened at $246.95 on Monday. 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 stock has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a 50-day simple moving average of $203.73 and a two-hundred day simple moving average of $206.81.

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

Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company 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 of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at $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. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of analyst reports. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Evercore ISI lifted their target price on shares of Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research note on Friday. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Mizuho lifted their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a research note on Friday. Finally, 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. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.25.

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.