Wealthsource Partners LLC Purchases 1,923 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wealthsource Partners LLC lifted its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 277.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,616 shares of the semiconductor manufacturer’s stock after buying an additional 1,923 shares during the quarter. Wealthsource Partners LLC’s holdings in Broadcom were worth $1,647,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. ICICI Prudential Asset Management Co Ltd boosted its position in Broadcom by 16.0% during the first quarter. ICICI Prudential Asset Management Co Ltd now owns 1,177 shares of the semiconductor manufacturer’s stock worth $743,000 after purchasing an additional 162 shares during the period. Andesa Financial Management Inc. boosted its position in Broadcom by 197.1% during the first quarter. Andesa Financial Management Inc. now owns 7,564 shares of the semiconductor manufacturer’s stock worth $4,763,000 after purchasing an additional 5,018 shares during the period. Perennial Investment Advisors LLC lifted its holdings in shares of Broadcom by 20.3% during the first quarter. Perennial Investment Advisors LLC now owns 3,445 shares of the semiconductor manufacturer’s stock worth $2,168,000 after buying an additional 581 shares in the last quarter. Lincoln National Corp lifted its holdings in shares of Broadcom by 1.0% during the first quarter. Lincoln National Corp now owns 9,814 shares of the semiconductor manufacturer’s stock worth $6,180,000 after buying an additional 99 shares in the last quarter. Finally, Palisade Capital Management LLC NJ lifted its holdings in shares of Broadcom by 27.0% during the first quarter. Palisade Capital Management LLC NJ now owns 25,315 shares of the semiconductor manufacturer’s stock worth $15,940,000 after buying an additional 5,380 shares in the last quarter. 81.53% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of AVGO stock opened at $551.44 on Friday. The firm has a market cap of $222.68 billion, a P/E ratio of 27.34, a P/E/G ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a fifty-two week low of $462.66 and a fifty-two week high of $677.76. The business’s 50 day moving average price is $518.75 and its 200-day moving average price is $561.25. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.90 and a current ratio of 2.14.

Broadcom (NASDAQ:AVGOGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.51. The firm had revenue of $8.10 billion for the quarter, compared to analyst estimates of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The business’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same period last year, the company earned $5.89 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 33.96 earnings per share for the current year.

Broadcom announced that its board has authorized a stock buyback plan on Thursday, May 26th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were given a dividend of $4.10 per share. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 annualized dividend and a dividend yield of 2.97%. Broadcom’s dividend payout ratio is presently 81.31%.

Analysts Set New Price Targets

A number of research analysts recently commented on AVGO shares. Truist Financial boosted their price target on Broadcom to $658.00 in a research note on Friday, May 27th. Deutsche Bank Aktiengesellschaft reduced their price target on Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Piper Sandler reiterated a “buy” rating and issued a $750.00 target price on shares of Broadcom in a report on Tuesday, May 24th. Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Finally, Mizuho increased their price target on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a report on Friday, May 27th. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $680.46.

About Broadcom

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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