Golden State Wealth Management LLC Buys 954 Shares of Broadcom Inc. (NASDAQ:AVGO)

Golden State Wealth Management LLC raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,852 shares of the semiconductor manufacturer’s stock after buying an additional 954 shares during the period. Golden State Wealth Management LLC’s holdings in Broadcom were worth $2,654,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Inlight Wealth Management LLC bought a new position in Broadcom during the first quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on AVGO shares. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a research note on Tuesday, June 24th. Wall Street Zen downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, June 15th. Mizuho increased their target price on Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $281.46.

Broadcom Trading Up 1.8%

Shares of AVGO opened at $274.87 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $237.12 and a 200-day simple moving average of $216.98. The stock has a market cap of $1.29 trillion, a PE ratio of 102.95, a PEG ratio of 1.92 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last released its quarterly 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the firm posted $10.96 EPS. The business’s revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has authorized a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. 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.