Provence Wealth Management Group Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Provence Wealth Management Group raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 21.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,914 shares of the semiconductor manufacturer’s stock after buying an additional 341 shares during the period. Broadcom comprises about 1.1% of Provence Wealth Management Group’s investment portfolio, making the stock its 24th biggest holding. Provence Wealth Management Group’s holdings in Broadcom were worth $2,137,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Stuart Chaussee & Associates Inc. purchased a new position in Broadcom during the 4th quarter valued at about $25,000. PSI Advisors LLC raised its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 10 shares in the last quarter. Macroview Investment Management LLC purchased a new stake in Broadcom in the third quarter worth $29,000. BKM Wealth Management LLC bought a new stake in Broadcom in the fourth quarter valued at $29,000. Finally, CKW Financial Group bought a new position in Broadcom in the 4th quarter worth $30,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ AVGO traded up $39.54 during trading hours on Friday, hitting $1,278.11. 2,489,755 shares of the stock were exchanged, compared to its average volume of 2,435,058. The company has a market cap of $592.30 billion, a price-to-earnings ratio of 47.37, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The stock has a 50-day moving average of $1,308.66 and a 200 day moving average of $1,147.78. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. During the same period last year, the firm posted $9.83 EPS. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.64%. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Activity at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,920 shares of company stock valued at $40,306,667. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Susquehanna boosted their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Cantor Fitzgerald increased their target price on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Barclays upped their price target on Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Oppenheimer restated an “outperform” rating and set a $1,500.00 price objective (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom Company 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.