Opal Wealth Advisors LLC Has $351,000 Stake in Broadcom Inc. (NASDAQ:AVGO)

Opal Wealth Advisors LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 11.3% in the first quarter, Holdings Channel reports. The fund owned 2,098 shares of the semiconductor manufacturer’s stock after selling 266 shares during the period. Opal Wealth Advisors LLC’s holdings in Broadcom were worth $351,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Armbruster Capital Management Inc. grew its stake in Broadcom by 7.1% in the first quarter. Armbruster Capital Management Inc. now owns 3,338 shares of the semiconductor manufacturer’s stock valued at $559,000 after acquiring an additional 220 shares during the period. Southland Equity Partners LLC boosted its position in shares of Broadcom by 10.1% during the first quarter. Southland Equity Partners LLC now owns 2,952 shares of the semiconductor manufacturer’s stock worth $494,000 after buying an additional 271 shares during the period. Stock Yards Bank & Trust Co. boosted its position in shares of Broadcom by 1.1% during the first quarter. Stock Yards Bank & Trust Co. now owns 294,791 shares of the semiconductor manufacturer’s stock worth $49,357,000 after buying an additional 3,179 shares during the period. Griffin Asset Management Inc. boosted its position in shares of Broadcom by 12.1% during the first quarter. Griffin Asset Management Inc. now owns 18,677 shares of the semiconductor manufacturer’s stock worth $3,127,000 after buying an additional 2,015 shares during the period. Finally, Bernard Wealth Management Corp. boosted its position in shares of Broadcom by 5.2% during the first quarter. Bernard Wealth Management Corp. now owns 1,452 shares of the semiconductor manufacturer’s stock worth $243,000 after buying an additional 72 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 730,576 shares of company stock worth $133,778,494. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $248.70 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock’s 50 day moving average price is $213.01 and its two-hundred day moving average price is $209.15. The firm has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

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

Broadcom declared that its board has approved a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AVGO shares. Morgan Stanley upped their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Benchmark upped their price objective on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $276.09.

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.