Liberty Wealth Management LLC Buys 31,860 Shares of Broadcom Inc. (NASDAQ:AVGO)

Liberty Wealth Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 568.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 37,468 shares of the semiconductor manufacturer’s stock after acquiring an additional 31,860 shares during the quarter. Liberty Wealth Management LLC’s holdings in Broadcom were worth $6,273,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. True Wealth Design LLC lifted its holdings in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after purchasing an additional 48 shares during the period. Mizuho Bank Ltd. raised its position in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after purchasing an additional 50 shares during the last quarter. Fulton Breakefield Broenniman LLC lifted its holdings in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock worth $357,000 after buying an additional 50 shares during the period. American Financial Advisors LLC lifted its holdings in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $240,000 after buying an additional 52 shares during the period. Finally, GS Investments Inc. grew its position in shares of Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer’s stock valued at $1,908,000 after buying an additional 52 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on AVGO shares. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Finally, Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Buy” and a consensus target price of $294.92.

Broadcom Stock Down 1.7%

AVGO opened at $288.64 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15. The company’s 50-day moving average price is $266.56 and its two-hundred day moving average price is $224.53. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is presently 88.39%.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.