Long Island Wealth Management Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Long Island Wealth Management Inc. bought a new stake in shares of Broadcom Inc. (NASDAQ:AVGO) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 2,192 shares of the semiconductor manufacturer’s stock, valued at approximately $367,000.

Other institutional investors have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at about $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the 1st quarter valued at about $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter valued at about $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. KeyCorp lifted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Citigroup boosted their target price on shares of Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Arete Research raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, July 28th. Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. Finally, UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus price target of $294.92.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director 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 position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 1.2%

Shares of NASDAQ AVGO opened at $309.09 on Thursday. The stock has a market cap of $1.45 trillion, a P/E ratio of 115.76, a P/E/G ratio of 2.22 and a beta of 1.15. The firm has a 50 day moving average price of $276.06 and a 200 day moving average price of $228.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $317.35.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

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.