GPS Wealth Strategies Group LLC Buys 22,058 Shares of Broadcom Inc. (NASDAQ:AVGO)

GPS Wealth Strategies Group LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 54.5% during the 1st quarter, HoldingsChannel reports. The fund owned 62,530 shares of the semiconductor manufacturer’s stock after purchasing an additional 22,058 shares during the period. Broadcom accounts for about 1.4% of GPS Wealth Strategies Group LLC’s holdings, making the stock its 14th largest position. GPS Wealth Strategies Group LLC’s holdings in Broadcom were worth $10,469,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. 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 report on Friday, June 6th. Morgan Stanley boosted their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Mizuho boosted their price target on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday, June 6th. Finally, KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $272.71.

Insiders Place Their Bets

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $252.91 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock’s fifty day moving average price is $209.12 and its 200 day moving average price is $207.94. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 206.29, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate 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 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.93%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a share buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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.