Welch & Forbes LLC Has $29.16 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Welch & Forbes LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 174,158 shares of the semiconductor manufacturer’s stock after buying an additional 32,685 shares during the quarter. Welch & Forbes LLC’s holdings in Broadcom were worth $29,159,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC boosted its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its stake in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after acquiring an additional 756 shares during the period. Bank Pictet & Cie Europe AG raised its stake in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE raised its stake in Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after acquiring an additional 322 shares during the period. Finally, Proficio Capital Partners LLC increased its position in Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock worth $4,528,000 after buying an additional 6,168 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Bank of America increased their price objective on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. The Goldman Sachs Group initiated coverage on Broadcom in a research report on Thursday, July 10th. They set a “buy” rating and a $315.00 price objective on the stock. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a report on Tuesday, June 24th. Finally, Citigroup increased their target price on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a report on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $292.08.

Broadcom Stock Up 1.9%

Shares of NASDAQ:AVGO opened at $280.94 on Wednesday. The company has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.22, a P/E/G ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business’s 50-day moving average is $249.82 and its 200-day moving average is $219.20. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $283.36.

Broadcom (NASDAQ:AVGO) last announced 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 company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 EPS. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

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

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 828,916 shares of company stock worth $216,785,761 in the last quarter. Company insiders own 2.00% of the company’s stock.

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.