Maia Wealth LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Maia Wealth LLC increased its position in Broadcom Inc. (NASDAQ:AVGO) by 5.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,389 shares of the semiconductor manufacturer’s stock after purchasing an additional 190 shares during the quarter. Maia Wealth LLC’s holdings in Broadcom were worth $605,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter worth approximately $30,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new position in Broadcom during the first quarter valued at $25,000. Finally, Inlight Wealth Management LLC purchased a new position in Broadcom during the first quarter valued at $26,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on AVGO. Wall Street Zen cut Broadcom from a “buy” rating to a “hold” rating in a research note on Saturday. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. Evercore ISI reiterated an “outperform” rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Citigroup boosted their price target on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research note on Monday, July 7th. Finally, Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $294.92.

Broadcom Stock Performance

NASDAQ:AVGO opened at $303.90 on Tuesday. The stock has a 50-day simple moving average of $273.98 and a two-hundred day simple moving average of $227.04. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $310.34. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.43 trillion, a PE ratio of 113.82, a P/E/G ratio of 2.17 and a beta of 1.15.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’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 posted $10.96 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company’s stock, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction dated Monday, June 23rd. The stock was 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 directly owned 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by corporate insiders.

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.