Worth Financial Advisory Group LLC Acquires 301 Shares of Broadcom Inc. (NASDAQ:AVGO)

Worth Financial Advisory Group LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 20.8% during the first quarter, Holdings Channel.com reports. The fund owned 1,746 shares of the semiconductor manufacturer’s stock after acquiring an additional 301 shares during the quarter. Worth Financial Advisory Group LLC’s holdings in Broadcom were worth $292,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the 4th quarter worth approximately $32,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 0.5%

AVGO stock opened at $249.99 on Friday. The firm has a fifty day moving average price of $220.48 and a 200 day moving average price of $212.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. 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 cap of $1.18 trillion, a PE ratio of 93.63, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $10.96 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. Evercore ISI restated an “outperform” rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Three research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction 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 directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 over the last three months. 2.00% of the stock is owned by company insiders.

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.