Ritholtz Wealth Management Purchases 736 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ritholtz Wealth Management lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 65.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,859 shares of the semiconductor manufacturer’s stock after acquiring an additional 736 shares during the quarter. Ritholtz Wealth Management’s holdings in Broadcom were worth $862,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Miramar Capital LLC grew its stake in Broadcom by 49.2% in the fourth quarter. Miramar Capital LLC now owns 18,476 shares of the semiconductor manufacturer’s stock valued at $8,734,000 after acquiring an additional 6,089 shares during the period. US Bancorp DE grew its stake in Broadcom by 4.1% in the first quarter. US Bancorp DE now owns 95,723 shares of the semiconductor manufacturer’s stock valued at $44,384,000 after acquiring an additional 3,740 shares during the period. Blue Chip Partners Inc. grew its stake in Broadcom by 5.9% in the fourth quarter. Blue Chip Partners Inc. now owns 34,631 shares of the semiconductor manufacturer’s stock valued at $15,163,000 after acquiring an additional 1,920 shares during the period. Leelyn Smith LLC grew its stake in Broadcom by 13.0% in the first quarter. Leelyn Smith LLC now owns 2,723 shares of the semiconductor manufacturer’s stock valued at $1,263,000 after acquiring an additional 313 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in shares of Broadcom by 8.4% during the first quarter. Louisiana State Employees Retirement System now owns 46,400 shares of the semiconductor manufacturer’s stock worth $21,514,000 after buying an additional 3,600 shares during the period. 81.51% of the stock is owned by hedge funds and other institutional investors.

AVGO has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft upped their price objective on Broadcom from $500.00 to $525.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. KeyCorp upped their price objective on Broadcom from $540.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, June 4th. Cowen upped their price objective on Broadcom from $415.00 to $470.00 and gave the stock a “market perform” rating in a research report on Tuesday, March 2nd. Rosenblatt Securities upped their price objective on Broadcom from $540.00 to $550.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. Finally, Oppenheimer reiterated a “buy” rating and set a $575.00 target price on shares of Broadcom in a report on Thursday, May 27th. Five equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $491.38.

In other Broadcom news, COO Charlie B. Kawwas sold 1,890 shares of the firm’s stock in a transaction on Friday, March 26th. The stock was sold at an average price of $469.29, for a total value of $886,958.10. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eddy W. Hartenstein sold 530 shares of the firm’s stock in a transaction on Tuesday, June 8th. The shares were sold at an average price of $465.74, for a total value of $246,842.20. The disclosure for this sale can be found here. Insiders have sold 27,997 shares of company stock worth $13,239,016 in the last three months. 2.40% of the stock is currently owned by company insiders.

Shares of NASDAQ:AVGO opened at $470.40 on Friday. The firm has a market capitalization of $192.07 billion, a P/E ratio of 43.68, a P/E/G ratio of 1.31 and a beta of 0.93. Broadcom Inc. has a 1 year low of $292.41 and a 1 year high of $495.14. The company has a quick ratio of 2.06, a current ratio of 2.21 and a debt-to-equity ratio of 1.68. The business’s 50 day moving average is $461.83.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $6.43 by $0.19. The business had revenue of $6.61 billion for the quarter, compared to the consensus estimate of $6.51 billion. Broadcom had a return on equity of 41.39% and a net margin of 19.11%. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.14 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 23.55 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 22nd will be given a dividend of $3.60 per share. This represents a $14.40 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend is Monday, June 21st. Broadcom’s dividend payout ratio is currently 78.05%.

About Broadcom

Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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